However, the one reason I have not ever financed is that I don't like to over-insure and carry coverage like collision.  

The liens mentioned are municipal and won't carry much of a discount though it does not hurt to try.  

Jay would be selling the property, with a short term seller carry back loan.  

All my private seller carry deals are no less than 10 years, but typically longer and I always try to write an extension clause in the note.

And to your point about having the ability to close (down payment) I have that covered as well as debt service/carrying costs. 

The increase also has to do with our area and I don't know your area.I agree with 15-year mortgages but only if it is a really good deal where the cash from the property can at a minimum carry itself or you are in a position to feed it (and every other part of the deal makes sense).Do your research (which you are doing), make a decision and stick with it. 

@Anthony Carr- is there a mortgage on the property?  

@Carrie Hiner Multi-family seems more lucrative than SFR, mainly b/c utilities won't be as bad.

-Owner carry.  

If the property is held/titled in the name of an LLC,  then it is going to carry a higher rate, lower LTV, and will only be issued by portfolio lenders (which is severely limit your options).