You can make money either way, just in DIFFERENT ways and on different time lines. 

What I know about this house is that there should be no mortgage (messaged realtor to verify), last sold for $60k in 2004.Rent in my area; $1,200 is usually pushing it but doable.https://www.realtor.com/realestateandhomes-detail/200-Walnut...At the end of the day, I love the idea of seller financing but I have many more questions when it comes to different types of properties that might be mortgaged and how does one pay the monthly payments on top of paying the equity to the seller at the same time.

I wonder if maybe it's a cultural difference? 

I have been in Real Estate for over 3 years now, and even though I find myself to be experienced and know the difference between a real buyer and a fake one, I still get it wrong from time to time.

I would like to take the mortgage out in my one LLC and rent that home to my other business(a different LLC).

@Dave Allen  I don't know if any lenders can comment, they may suggest a different type of loan but if you are half owners  I would think you would split the income but if you were living there I see why you did it the way you did.

Our market extends beyond Davidson county into the different orbiting suburbs.

Does that make a difference? 

I once started to sue a local MLS but they changed their position as long as I was clear in the listing that I wasn't the owner of record but had an interest in the property I was selling and they didn't want to open a can of worms.To make it easier I just started getting a specific power of attorney from the owner on title along with a clause in the PA that allowed me rights of access, etc. and the MLS had no problem because it was really no different then say putting a probate property on the MLS

Dividing the bill by square footage is an interesting approach, but given that they occupy 1/3 of the home I don't think it will make a difference.