On another note, very impressed by @richie Thomas, excellent research, I’d keep his comments in mind. 

We have excellent credit and won't have any other debt besides a measly car loan. 

WholesalersWholesalers are excellent resources.

At the very least, I feel like the seller should not expect 8-10% financing when an owner-occupant with excellent credit could command 3.5% on an FHA loan for a habitable property.Come to think of it, that would also explain why the property is priced below-market so severely- they may be looking for tenants who don't have better options and who aren't going to call the city inspector's office. 

PropertyRadar is a excellent tool.

He is a gas/oil tycoon, that's why it sounds somewhat credible.

You did and excellent job buying this at the price you did.

has an excellent point - regardless of what the quoted rate is, there is no lock on that rate until you actually proceed with a formal loan application.  

Came out excellent.

Excellent first post William.