He get's principal and simple interest payments over a number of years.I'll manage the deal and the property.Looking to create a proforma for this that would fit a typical rental analysis but insert the detail of having private money cover the DP.

If you are unsure, to start, hire a property manager and don't let the tenants know you are the owner. 

I joined with the intent to surround myself with others in the field and build my confidence and understanding of the subject matter (:I live a disciplined lifestyle when managing my expenses and living below my means.

It's best to have a house manager.

Quote from @Geoffrey Paugam: I suspect there are many managers there, but maybe not any good ones?

I’m also in Nashville and run a property management company, so definitely happy to connect.

I highly suggest getting your feet wet in your local market if possible if you plan to rehab or manage the property yourself.

You must have excellent connections, industry knowledge, experience, and project management skills to achieve this outcome for those numbers.

My top recommendation is to begin by contacting property management companies in each target area.

Hey Barbara, I have a property manager I can recommend for the LAIC service.