The ARV should come in around 120k when it's all said and done.I should also include that this building is in the middle of a small downtown that in the past 2 years has dropped some serious money into revitalizing this specific district which has slowly brought new business to the area.My questions here are with the cash out refinance.

But instead, how uselessly he toils; he is still forcing his way through the chambers of the innermost palace; never will he overcome them; and were he to succeed at this, nothing would be gained: he would have to fight his way down the steps; and were he to succeed at this, nothing would be gained: he would have to cross the courtyard and, after the courtyard, the second enclosing outer palace, and again stairways and courtyards, and again a palace, and so on through thousands of years; and if he were to burst out at last through the outermost gate—but it can never, never happen—before him still lies the royal capital, the middle of the world, piled high in its sediment.

I know I shouldn't let emotion get in the way of business (which is why he did this without telling me first) but they are both single working class middle age women and to make things more complicated, we also live in the building and one of the tenants watches our cat and takes in our mail when we go away. 

I am in the middle of researching all of the how to's of seller financing, and would love to hear from someone who has structured a deal like this before.

@Gabriel Samuels  No, not in the middle of the lease term, and if you plan on doing it at the end of the lease, make sure you are giving them proper notice.  

Would you not try to get in the middle of this?

In between 2 towns, one small and one middle to upper size.

We have rented before and all our landlords have always been middle age to older. 

I remember when we were refinancing our house we were in the middle of redoing the kitchen and they would not give us an appraisal until it was done because banks won't give a loan on a house without a kitchen.

The laws are changing regarding this for purchases and LLC created over the last couple years, so the middle step of the Land Trust is not longer required to avoid the Due on Sale Clause - as long as they dont change the laws again.Land trusts were used for a long time in this capacity and have not been altered, so I personally still utilize them to avoid all the changes that keep happening with those loans.