Yes more appreciation and as it is it's so hard to own a RE in SF, Bay Area. 

We have purchased a 16 unit and a 281 unit mom and pop.Gino

Welcome to BP @Jake Brown We have a lot of discussions about tax liens here and a number of experts on the subject.

Hey John, I live in Saxonburg and will be closing on a 4 plex next week, bring my total units to 11 in about a 2 and a half year period.  

To state the obvious, it's not like in Australia where you can approach almost any bank with a good borrowing capacity and a small deposit and buy a property almost anywhere in Australia.

It's a bit of suburb and a bit of rural.  

When people know that you are successful and a good risk, that is when they will lend money to you.

ARM's can make sense if you're a flipper where there is already a very short holding period and a significant holding risk because you're betting on the market being there when you sell.  

A seller financed (SF) note is not the same as a purchase money mortgage, it is funded by equity based on an agreed sale price, this makes it an installment loan and a different animal than a cash funded note.Institutional notes have a due on sale clause, an SF note should have if it is common for your jurisdiction but it may not have.

RISK: minimal as it is backed by a deed (home being occupied by and therefore taken care of), and a promise to repurchase the investment.