Becasue they are not professional lenders, they may be willing to give favorable terms with fewr hoops to jump through. 

As long as they have a good track record, it can be a great deal.

Thanks,Hey Joel,If you are tight on PITI, then I usually recommend looking into an interest only loan, maybe on a 5-10 year IO plan, to lower your payment and see if you can squeeze it in.Plus, rates are starting to dip a little bit, so it makes it a little more doable, especially if you just do a rate and term refinance to help keep your rate lower.

I currently have 1 primary residence (still paying off my mortgage) and 2 long-term rental properties (both that I have mortgage on).

Hope you find what you need to stick around for the long haul!

For a $100k house, we can agree on payment terms and pay the seller $120k over time.

I'm considering adding a bedroom to each in the short term to pump up rent.

Waterfront has been a dream of ours for a long time and we're excited to see it manifest itself here in Sammamish!

I don't want to pour water on your interest, but I don't think this is the deal you are looking for because:  1. problems with all of the things you can do with the property 2. a general lack of reserves 3. long distance. 

Now, I have a portfolio of Short Term Rentals and Long Term Rentals.