Easy solution, also looks like you are structurally sound on this one. 

Our structure is I buy, partner rehabs, we split profits.

But for starters, this structure is not needed. 

If this occurs, and the tenant wants to get their account in good standing, they must pay the late fee as well as any and all legal fees associated with the late payment.In our experience, this has significantly reduced late rent, and it gives the tenant the feel of a very rigid structure that will be less interested in pushing in the future.When we have bent on this in the past, it seemed to have created a never ending problem of late rent payment and our management company always begging for rent.If they don't actually want to pay the rent, then starting that eviction ASAP will save you a ton of money and rent loss.

Anyone know of something worth me looking into or a way to structure this?

What I lack, but am striving to gain, is the financial wisdom on how to structure the deal, so that's it's a good deal for all involved.

I wanted to gain insight as to how to approach this deal with the seller financing option with little to no money of my owned invested in this deal or structuring it with my own funds being used for the down payment and set it up as to where I could cash the seller out after a certain time frame.

You can provide quarterly interest payments, bi-annual, or whatever structure is most desirable for your investors.Use your first property (pictures and numbers help) to solidify your experience and knowledge.

It just depends on how you structure the business venture.

You would have $300/yr more than what you are after now and you would not have shell shocked your tenant later.These are much smaller numbers which a tenant can absorb over 3 years rather than a 1 time 4.25% hike.