Lastly, what’s a reasonable interest rate to offer the seller on their financing?

I bought a piece of property that ended up having five brothers that had to sign off on it they wanted nothing to do with the house so they signed quitclaim deeds (notarized) and one brother who signed over a grant deed.

Market in a MinuteEast Tennessee home sales increased 5.2% from the previous month, and increased 9.3% from a year ago.The median sale price was $374,950 — up 7.13% from the previous year.Total housing inventory increased from the previous year – up 43.2% from a year ago.Half of the homes sold were under contract in 15 days or less, up from 9 days a year ago.44.61% of homes sold for the asking price or above, with 23.72% selling for more than the asking price. 10.32% sold for at least $10,000 over asking and 4% sold for at least $25,000 over asking.The sale-to-list price ratio decreased from last month to 98% – down from 98.6% a year ago.New construction represented 13.28% of total home sales.If you want to nerd out on the market here I'm always happy to chat.

How is the market for single family and multifamily housing?

It's a subject-to deal where the owner owes $165k on the mortgage at a 3.5% rate.

Reason I do not want to do a cash out refi on my primary is because my rate is locked at 2.7%.  

Quote from @Michael Belz: Correction , Current rent is 13,700 per month . 164,400 per year  Hi Michael,If you were to have an 75% LTV (~$1.08M) with a 25yr amortization rate with current interest rate of 6.50% (FHLBB 5yr + 2.50%) you're looking at a payment of $7,342.88/mo., P&I.

I own a house free am clear that needs a lot of work (80k).

With the current economic conditions, how are shifts in interest rates and inflation affecting your investment strategy in the U.S. real estate market?

One is a house, the other is a piece of land that has a condemned trailer on it.