If there is no balloon you're entering into a 30-year relationship with someone. 

We are purchasing a 6 unit Apartment building in a small central Texas town. 

Not a high cost of debt/capital at all, so we are not concerned about the balloon payment.Regarding long term goals, we plan on building slow and steady over the next 10 years, but then have them all paid off within about 20 years for retirement income from the rentals.

Building a real estate business that way is a house of cards (pun intended). 

On the flip side, I could charge everyone "retail" rents and get retail, one-off clients (tenants) who will cost me a higher % in comparison to the % increase in income, leaving me with a lower net.Businesses are about building and maintaining relationships that are beneficial to both parties.

A 24-month loan would be preferred so you can build up the last 12 months of cash flow for the property. 

Start building your real estate team, join if you haven't already a local real estate investing club, watch your market to see what is selling with what features, and track what properties and areas are in demand.

The first 2 things you want to build is your REPUTATION and RELATIONSHIPS.

Consists of 3 buildings each different style.   4400mth total rent produced.   400k ask- 1 duplex, 1triplex type homes - 5 doors, really old home (1940ish) currently in C to D condition. 2600 total rent produced, 155k ask- 2 Single family homes - 2 doors, really old home (1940ish) currently in C to D condition. 1800mth produced, 150k ask- 2 Tiny home sheds- 2 doors, 800 total produced mth.  40k ask. 

I now want to look into "flipping" new construction or spec home building.