Sounds like you are formulating a nice plan for your REI!

@Steven Lebischak, it would be nice to think that your $1400/m tenants would just be happy to pay you more than they'd be paying if they bought a place themselves, forever, but, you should allow around 1 months vacancy each year (rather than the 3% vacancy allowance I see on many of the pro forma "Calc Review Reports").

Now after reading and some life experiences I realize where I went wrong and in ready to try this again.My goals are to flip at least 2 more and then after that I'll start holding on to those properties that will cash flow nicely.

Remember nice guys finish last and no good deed ever goes unpunished.

That's a nice training ground!

Nice job being conservative on your maint and CAPEX numbers.

I’ve been the first position buyer for a few wholesalers and it’s nice to get first crack at deals.

One of the nice things about seller financing is that sellers and buyers have broad flexibility in creating a win-win.Many seller financing sales use 5-10 year balloons so if your friend, the seller, wants a structure where he gets paid off in a time frame less than 30yrs, you certainly have the option to buy it with a balloon loan from the seller and than sell it with a baloon loan to a buyer.   

It was nice at first to physically hold what amounted from your accomplishments.

I own a nice home in a nice area.