I use a different lawyer for landlord tenant matters than I do for real estate closings, but if you asked them if they handle real estate matters they'd both answer "yes".

I do handle all the finance myself, though, (i.e. depositing rent, bookkeeping, preparing leases/contracts, etc.).

Hi @Erica JuhlSorry for the situation you're in right now, but as the guys have mentioned above, all is not lost, you do have option(s).I'd encourage you to contact an Attorney to handle this.I can  recommend you to one who has dealt with these kinds of situations before.

Much of both Dodd-Frank and the Safe Act was written at a 50,000 ft level, with interpretation and implementation pushed off on states.My advice, if you're serious about pursuing owner financing, is to find a good RMLO to handle your buyer intake & qualification and the servicing of your loans.  

That way you are ready to handle their objections in advance and don't have to wing it.

It has small stuff like water leakage at sink fixture handles, water leakage in sink drain pipe, water stain beneath sink. 

We always wait until tenants have vacated.Prior to showing to new tenants we gather a list of needed repairs, handle tenant security deposit deductions, etc.

The previous owners are an older couple and he has been sick (chemotherapy) as of late so the wife is handling everything.

You are normally going to need 20% of the purchase price for a downpayment using conventional financing.It could be less if your seller is willing to do certain types of seller carry back financing or if you are set up as a general partnership and part of the money your partners are putting up goes to cover the down payment.You are going to need to have some money set aside to handle fixes and upgrades or for operational issues also set aside.How much time can I devote to running the community?

You found the right home then - as in BP.com.Great place to ask your questions, read up on strategies, listen to some of the best podcasts around, and learn as much as you can handle.