Looks like they’re based 4 hrs away from my property though. 

Actually, I have a base rent price and an additional utility fee.

If she is behind on rent you have several options.

If you are happy managing I would not recommend hiring full service Property Management, but there are some limited service options. 

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

If there is a disparity on loan estimates for either of these items, at least one of them is wrong, and the APR may be based on unrealisticly low costs. - Quality absolutely, 100% makes a difference when it comes to lenders.

Especially when a month-to-month lease is based upon payment presented at the beginning of the term.

But Memphis’ combination of affordability and rental demand might make it a promising option to explore as you continue to build your real estate portfolio.Best of luck with your current investments and your ongoing learning process!

It's normal to feel uncertain, but knowledge can help reduce fear and guide you through the process.For those navigating these complexities, there are resources available that can assist with understanding your options.

I just hope more cases like that happen nationally to give more states options.