I purchased it two years ago for $700k and have about $600k left on the loan. 

While this is all going on, what research have you done to compare LTR and STR options?

It sounds like it is priced a bit on the high as you suspected.

Purchase price: $390,000 Cash invested: $120,000 I purchased a four-plex for $390,000 where each unit was originally rented at $400 per month on a month-to-month basis.

He was overwhelmed at first with all the "insider" stuff: the 1031 exchanges, cash-on-cash returns, and figuring out what an ideal cap rate is, especially in a hot market like Dallas.

Expensive markets can be a challenge, but here are deals to be had, depending on the amount of work you are willing to do.

Can someone please let me know the mechanics of the recording process on an owner-financed deal?

This is most of what is done, and discussed, here on this platform.

I grew up with a realtor for a mother, but she’s not too well informed on new construction.

If you aren't sure who to choose from, ask each of them for a meeting/consultation to break down your goals, the market, and the acquisition process.Once you've selected one, have them draft the offer for you and take it from there.The best agents are responsive, knowledgeable on the local market, have a strong supporting team (i.e. lenders, title, inspectors, title, etc.), and know how to put together a deal.As @Michael K Gallagher mentioned, you'd want to clarify whether or not your agent is also representing the seller.