I am an out of state Investor.

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

@Jasmine Vida  Some groups have a lot of spam, but I've also found groups that are legit investors and also hold meet ups so its good for networking as well :)Send me some those Facebook groups that you found I would definitely like to join them! 

I would even call those agents and see if they know the finishes that were put into the property, if not ask if they can setup a call with that investor to see what they put in..

Hi @William Taylor, As an agent and investor, I have a few suggestions. 

I've worn three hats in the seller financing world (as a property buyer, as a property seller offering terms, and as an investor that buys seller financed note). 

Amateur investor/full time agent here. 

Would love to hear thoughts from experienced investors—does this approach make sense for a first-time real estate deal?

I want to network with those investors who work on the business and not in the business.

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.