In the near future, we’ll be visiting The Shoals area in northern Alabama, where we’re considering a potential move this spring.

OP I think you’re in a great geographic spot and potential REI strategy potential.1.  

Any leads, potential investors, or anyone looking to talk shop, please reach out!

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

Buying a second home to rent out is a solid strategy, but be sure you understand the cash flow, including mortgage, taxes, and potential vacancies.

These areas often have 3/2 SFHs in your range, with decent BRRRR potential.

This would allow you to indefinitely defer all of the tax if you sold, and use the tax you would have had to pay, to purchase something nicer in an area with a greater growth potential.   

So I would like to get these things hashed out well beforehand as something to present to potential clients and have procedures for my company.

With your construction background, you're already in a strong position to add value to properties through renovations or identifying potential issues.

My main question is whether it makes more sense to go the seller financing route and pay off the principal in 8–10 years or stick with a standard 30-year loan.My thinking is that the tax deductions from a mortgage wouldn’t outweigh the potential equity I could gain over those 8–10 years.