Personally, I do not like any strategy or approach that aims to benefit from the misfortune of others.

Although I can't speak to the Banner Elk market, I'd be happy to share any insight on just STR investing in general as it related to our experience in Western NC.Good luck!

Seller will be taking a 30k+ loss with this route.325k with 50K down to seller, 3 years of payments $1600/month, and a balloon payment of 215k at the end of 3 years.Benefits to me: (1) 10k less downpayment, (2) with the conventional route, the loan would be at 228k after 3 years of payments, so I will gain additional equity with the 2nd option since I will owe 215k (presumably I will have to refinance at that time).Benefit to seller: she gets over asking price, 50K upfront and $300/month of cash flow.Does this offer and structure sound reasonable?

You can get in while prices are still relatively low and watch as it grows quickly over the next few years. 

@Richard Rafferty, given the relatively small nature you are looking to take on with your first syndication, personally, I would find it hard justify the typically 20-30k+ for a paid mentor. 

We use DealCheck to underwrite deals and QuickBooks Online for everything related to accounting and budgeting.

However, there are still plenty of tax benefits when it comes the income you generate from your multi-family property that you can deduct from. 

Newton's law of tax: What goes down must come up.Everyone enjoys the sweet benefits of bonus depreciation, but what happens when you sell?

As someone relatively young, obtaining a conventional loan has proven challenging for me.

The IRS views this as a related-party transaction, and deductions like rent paid to yourself wouldn’t qualify.