Tell the lender you want a construction loan online of credit.  

i have much higher expenses and more headaches of course, but cash flow is higher.most major tier 1 or tier 2 cities should have significant enough rental demand to be able to implement this strategy pretty successfully. 

Of course this all depends on if you are buying locally, right?

If your unit doesn't stand out in other ways considering adding amenities like a hot tub, backyard mini golf course, making your airbnb dog friendly, etc.

If you have any tips for a complete beginner, I’m all ears!

Have proof on hand (easy enough to find) online of the missed tax payments and any documentation that supports that he specifically didn't pay his taxes.Probably a simply mistake on his part, but now if he wants to develop on it, he either has to land lease it from you or buy it back.I'm not sure how the whole tax deed thing works, so that would be something you have to figure out between the two of you.

There’s nothing special about the seller financing terms here IMO, unless you can’t get a conventional loan of course but if that’s the case the balloon payments create a high risk for you and you shouldn’t do it anyway.

I think Peter covered the best course of action.

Thank you for the tips!

Of course there is upside to this as I can charge more rent but the property being vacant for two months also is it going to cost me around $1200 in mortgage payments as well.Another unit of mine unexpectedly went vacant beginning of the New Year.