in what I just laid out, you'd make monthly payments to the seller just like you would to a bank for 5 years, and then the remaining principal balance of the loan would be due, at which time presumably you would refinance the house into a commercial mortgage and use the proceeds to pay off the seller. 

Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

I also heard a guy named “ Donnie” who has been recommended to me .. the only issue is he dosent pay his owners until the end of the month .Is this the norm for Columbus property managers , or am I missing something? 

This seems unlikely in the long run. you are forgetting that someone is paying down your principal for you so you need to take that into consideration. 

The median closed sales price in July 2020 was $329,000, as compared to $275,000 last July and $213,000 back in 2017, according to the Ulster County MLS.

Tenant is profusely sorry and stays in contact, but that does not pay the mortgage.

Quote from @DR Rearwin: Be aware that if you purchase a property as your principal residence, and later convert it to a rental, the lender may have the option of calling your loan and making you pay it all back immediately, since you have changed the use of the property.I never knew that.

Otherwise, you won't have the additional dollars to pay future inflated prices.Your rental income must last as long as you do.

Where I am in New Jersey, the numbers wouldn't work out at all, but those numbers are good on your sale and rent for the build cost, especially since they should appreciate there in Little Rock steadily.

It should include details like the purchase price, property description, and terms of sale.