To make sure the investment satisfies your financial objectives, establish your target profit margin.Decide how much money is needed overall for the transaction.

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

$215k+ Is principle on our home and property.

I know that market very well but it would be easier to help you if you have more precise questions and also if we know what your objectives are.

The wonderful and unique thing about Michael is that he provides info that's unbiased and objective. 

Is lowest monthly payment your objective?

The knowledge needed is real estate principles, real estate law, and real estate finance.

The second item and this is more a concern I wanted to raise is your objective of reaching 100 doors in the next 3-4 years.

Rock solid rental while the money is in the stocks doing double duty as the principle investment as well as your down payment equivalent.  

You could get a new loan, pay 20% down (80k), and 7% interest on the remaining 320k balance, and that would cost you $2,129 per month (principle and interest).