House hack is not practical for everyone but worth exploring

It could give you peace of mind as you focus on your family and move to your new home, without the additional stress of managing a second property from afar.Best of luck with your decision! 

I would keep the work very cosmetic, and I would enjoy the additional space and/or revenue from the unit without considering digging up, etc. 

Explore remote investing options like turnkey properties or out-of-state rentals with property managers, and use summers or gap years to network, analyze deals, and gain hands-on experience.

Figured there would be a few data points left out of the equation' that I would need to circle back with :) .There are additional units not rented at this time which could be rented to increase the income.

Here are a few avenues folks often explore in times like this:You are already on this path - Owner Financing: It's great that the seller is willing to finance a portion of the deal.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

@Dwight HenningRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

You might want to explore DSCR loans, which allow you to qualify based on the property’s cash flow rather than personal income.

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs).