Direct mail campaigns can be quite effective in finding sellers

I am leaning that this IS going to be a waste of my time, but I am going to use the time to get me some self education and practice in the following:1.  

We factor in about 2.5% of purchase price for yearly taxes, 5% vacancy (ours is closer to 2%) 15% of rents for repairs and capex combined, we self manage so no PM, and use 2% for rent growth (ours is about 4%) and 2% for property value growth (ours has averaged about 3.75% in our area over 30 years). 

His theory is obviously more of a long term, snowball effect of cash.

As you change jobs again, you will have access to another chunk from this current 401k and could then evaluate a self-directed IRA.

start with professional or nuce pics and a good listing. get vacation rental insurance and a reliable house cleaner and you're good to go. also make sure you line up back up cleaners in case they flake. also get coded door locks so guests can self check in yet not lose the key. is that what you meant?

I live in the DMV and I'm getting started in buy and hold for college students and in note investing through a self directed IRA.

Also, will using an owner financed second have any effect on the ability to secure a first?

I politely let him know that a buyer with funds available in a self directed IRA is about as close to cash as he can demand since it has been listed so long.So obviously, long story short, this seller is a bit of a nut job. 

However, you should always include Property Management (recommend 10%) even if you are planning to self manage.