As far as rate is concerned, you can usually go about two points over the current rate (less closing costs for a seller financed deal so there is no real expense there) You need to make sure the borrower can cover that.

The seller is open to seller financing, which presents an incredible opportunity to grow without traditional bank financing.

Buyers don’t care if you shelled out more on the rehab, if you’re priced too high, you’ll end up sitting on the market way longer than you want, driving up holding costs.Lastly if your buying on market, REO or Corporate sellers are dominating and not as willing to negotiate as owners would.

I see a ton of sellers and listing agents overpricing homes and end up with big "price drops" back to reality. 

Our whole job is to broker deals between buyers and sellers.

Seller financing can be a fantastic way to get into a 4+ unit property, especially in a competitive market like Chicago.Have you started reaching out to owners directly or networking with agents who specialize in multifamily properties?

Most ideal would be seller financing, but open to creative strategies for a cash-flowing property. 

About 5 years ago one of the sellers we bought a multi family from told us about a company that has a lot of landlords like us and we coshare insurance coverage.

Supposedly, they connect sellers with brokers and homebuyers in each market.

Fortunately, the seller was cooperative and patient, and we only lost about two weeks in the process.