I really want to find something nearby that I can really get my hands on and be involved in.

The second question involves whether you want to avoid PMI by paying the 20%.

I was involved in wholesaling business long time ago (not real estate but consumer goods), and it has taught me A LOT about human nature.

(Get a QI like @Dave Foster involved BEFORE the sale.)

The variance in your CAGR returns is because the $12k in the note is returned to you in increments throughout the life of the asset, amortizing down to $0 at the end of year 5.

Next time you talk to the renter that's paying late all the time, Maybe mentioned to him or her without getting too involved in their personal life, they should seek out a temporary job a few hours, a couple of days a week until they build up enough to get caught up on the rent, and make a little pool of money to use so they don't get behind again.Some Temporary jobs can be fun, like handing out rubber id bracelets at functions to the participants, or if the person is more blue collar they have jobs for those people too more suited to their tastes. just my 2 cents.

This is far from impossible and many people have a lot of success managing their own STR, but it sounds more involved than what you're looking for.

This could involve a right of first refusal for the other party, buyout terms, and a method for determining the sale price.Rental and Use: Define the rules for renting out the property or parts of it, including how income and expenses will be divided.

I always thought I would do more of it, but I have only ever been involved in one deal with Subject 2 financing since debt has been so cheap for so long. 

What additional costs will be involved in doing delayed financing.