Keep in mind that all this time we were living with my parents paying them rent but saving/starving to score our next deal. 

Expect to pay 4.5% once you account for village, town, school and county taxes. 

Quote from @Chris Pontello: Hi Chris,Correct me if I'm wrong as I'm still learning creative financing solutions, but paying them some money would be if I could take over the loan.

You can probably pay for a course when one of the sucker roadshows comes thru town, but it is a ton of money. 

But you'll have to either manage it yourself and develop a really good skill set in that or get a smaller company that doesn't have too many properties to manage who has a high skill set management for you, but then you need to pay for that.

The garage and the fact that a long term tenant was in place paying market rent.

in 3 years you can pay off any mortgage 500,000 or less for $1,500 bucks.. or in 5 years a $477,000 mortgage for $100..I am implementing something new for the real estate industry, primarily to mortgage holders & the rent to own industry, as a shorter-term approach to be mortgage free, without cost being an obstacle ..

- If i Sell , as this was my 1st house and lived in 4 years, do i need to pay capital gain tax ?             

After fully renovating both units, I refinanced to pay off the loan and held it as a long-term rental.

What would I need to do to structure the note in order to have a note buyer come in and buy the note or buy a partial enough to pay off the 215k at closing and still have some difference coming to me or the note revert back to me after the partial was paid for.