Are you going to supply the down payment and how much equity are you willing to give them?

We would handle the guest communication, coordinating cleaning, minor repairs, stocking supplies, calendar management, etc.

@Jeremy HartwigYou are missing a lot of important data, such as median income of the area, rent comps in the area, what current values are.You are buying on actuals, but in many markets that have low supply and have a lot of demand, it makes it difficult buy based on actuals.

Try to get a 25 year ammortization with a balloon in year 5. 

If the new administration focuses on boosting housing supply or implementing tax incentives for real estate, we might see positive opportunities.

I’m considering coming in with an offer around $600K to $650K with seller financing and setting balloon payments once the land is sold. 

Leasing at $3k/month covers your current mortgage comfortably, so refinancing could relieve the pressure of the balloon payment.

The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.

He's a really smart guy when it comes to supply, demand, rent control, and overall investing

5 year balloons?