@Andrea Evans I think:Worst Part - Lots of pitfalls you can fall into if you do not know what to look for like buying and property taxes double, suburb rental license, buying a property with violations, not understanding the importance of lease documents, etc...Best Part - There is so many opportunistic corners or niches in the city and suburbs that most out of state people do not know about and out of state investors never get to cause they get caught looking at cap rates on the south side and in south burbs. 

I intend to build a portfolio of different property types.  

It's all about the plan document, and we use a custom plan document. 

What I know about this house is that there should be no mortgage (messaged realtor to verify), last sold for $60k in 2004.Rent in my area; $1,200 is usually pushing it but doable.https://www.realtor.com/realestateandhomes-detail/200-Walnut...At the end of the day, I love the idea of seller financing but I have many more questions when it comes to different types of properties that might be mortgaged and how does one pay the monthly payments on top of paying the equity to the seller at the same time.

This can sometimes expedite the process and save you the hassle of legal proceedings.Lastly, remember that tenant situations like these can be delicate, so handle communications professionally and document all interactions with both parties.

Broadly speaking, there are two types; offsite (like SFR, small apartments, etc) and onsite (large apartments with leasing offices on the property).For offsite, I usually see 8-10% of collected rents, half or all of late fees and 1/2 to all of the first month's rent. 

Engaging with tenants to understand their needs and preferences can help in tailoring services and amenities, thus enhancing their satisfaction and loyalty.Key Takeaways:Implement tenant engagement programs to build community and loyalty.Regularly review and update lease agreements to reflect current market conditions and tenant expectations.Diversification of Investment PortfolioDiversification across different types of CRE, geographical areas, and tenant industries can mitigate risks associated with market fluctuations.

Make sure to keep the photos and document all conversations for court.  

If there's no credit report or appraisal, then those loans cannot be sold on the secondary market (at least I don't know of any buyers for those types of loans).

@Mohit Arora to gain some piece of mind in this same situation, I drafted a "Holding Deposit Agreement" document that is entered between the potential tenant and I.The purpose is to use the deposit to hold the rental until the lease signing and transition this Holding Deposit to a Security Deposit once the lease is signed and all other move-in funds are collected.You can message me privately and I can send you the doc I drafted.