My goal is to offer an affordable monthly payment that competes with renting a comparable property and offers a benefit to paying a bit more to "own". 

“A new Michigan law bans many landlords from rejecting tenants based on source of income, like housing vouchers, veterans’ benefits or Social Security.Gov.

Anyone have a Priceless referral code?

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?

Also, I have heard about the benefits of having an LLC set up to manage rental properties but not sure if this is advisable at my stage (e.g., not a lot of properties to manage).

It will familiarize you with the basic terminology and benefits.

However, properties ranging from $100k to $50M or more have benefited from cost segregation.

You can cap the rates it charges, and if you have repeat guests you want to satisfy, provide them with a discount code. 

Pick up the phone or stop by local code enforcement offices to make sure that you have a crystal clear understanding of local laws and regulations.

Unless you are intentionally collecting reviews with lower prices, I see no benefit in putting your property at a 100% booking rate.