If so that could be applied towards this situation.

It allows you to avoid the $7-12k cost associated with hard money loans (HML), which can improve your total ROI and cash-on-cash return.

If you have 2-4 unit multifamily homes in that area it can help afford a higher loan amount as well as cover some or all of the mortgage payment.

That is why I made this post, explaining my situation and asking how I can learn more about my options 

The main tenant continued to pay rent, and we failed to really do a proactive follow-up for the next couple of months.In June, we decided to check into the situation prompted by a call from a very concerned neighbor who is familiar with all the trouble the main tenant causes.

I have done research into this loan and it seems like a good loan for me even though it seems like these loans typically have higher interest rates than a conventional loan.

Terms: Seller financingMy question is, what is the customary and/or better strategy in this situation?

You should be able to get a 75% loan against your current property.  

Please find some details belowAcquisition fee - 5%Asset management fee - 3% of gross incomeconstruction & oversight mgmt fee - 5% of rehab budgetdisposition fee - 1.75%guarantor fee - 2.5% of loan amountPref is 10% with 60/40 split unto 15% IRR and 50/50 there on.This is my first deal in the RV space so not sure what's the norm, so would really appreciate some guidance/feedback. # of fees looks standard but the % are slightly higher than what I have seen in the past (1-3% being normal).

One of my strategies will be to put money into energy efficiency to decrease heating costs, and increase my cash flow - Maine has some good loan programs/rebates that can really help tighten up a building, and finance efficient heating, so I'll be taking advantage of those.