The longer term loans would have lowered your monthly payments and decreased the costs.As for rent, each year you need to look at rents in the area to decide how much you will be increasing the rent by. 

Seller financing: Note for $1,350,000.00  - 7% amortized over 30 years with balloon payment after 7 years, interest only. ( I am trying to get the first year at 6% to stabilize then go to 7% remaining 6 years)Property Condition: Above average.

I decided to buy the property from my grandfather using a gift of equity, which allowed me to take over ownership without having to come up with the full down payment and pay for the tax lien and his closing costs.

Both of these allow you to low down payment loans to buy a primary residence with fixed interest rates.

Damien,Build-to-Rent (BTR) is a great long-term wealth-building strategy, especially if you have a stable W2 and want to take a more methodical approach to investing.

Brandon Turner outlined this method in one of the older podcasts and there are previous posts in the forums.  

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

A $400-500K mortgage is not a trivial payment plus property taxes on top of running your own house. 

The maximum fixed-rate period seems to be seven years, and there is generally a balloon payment at 10 or 15 years.

I have two questions regarding mortgage interest tax deductions.First, last year, I purchased a HUD property at a significant discount and used a $70,000 HELOC from my primary residence for the down payment.