So I would suggest only getting into deals using hard money that you can live with if the HML remains in place, and then try for the rate and term refinance into Fannie financing as icing on the cake. 

Im gone to walk out on a limb and say this is the one that takes the cake, especially with the men ( see Paul Sandhu lol ).

@Nicholas, definitely not actually knocking Iowa, but I want my cake and to eat it, too.

I try to have my cake and eat it too, I go for rents that are 2.5% (per month) of my purchase price in the best areas that will allow that.

Welcome and good luck on your RE exam...its a piece of cake!

They want the cake, the icing and will not share at the table!

We didn't pay any of that out of pocket.The icing on the cake happened just the other day. 

The mom thing, come to think of it, is the icing on the cake.

This is probably what I would do to have your cake and (to some degree) eat it.- Sell the bay property. @320k (which still seems so low to me!)

Seller financing should be icing on the cake or possibly a way to get the deal done if you can't qualify for a conventional loan but it should not mask a deal that doesn't make sense.If you want to calculate the value of you buying with seller financing you can calculate the Present Value (PV) of your deal based on the concept of time value of money being that money paid over time in the future is worth less than money paid now.