Purchase price $850,000 ($550,000 down payment, $300,000 contract for deed with seller). 

I am a 21-year-old individual excited to commence my investing journey along with my partner in the St-Louis real estate market.

You can get the rest of their entitlement by multiplying it by 4$100,250 * 4 = $401,000They can buy a house up to $401K and still use 100% of VA entitlementsBonus: If they want to buy a more expensive home, they have to put 25% down on the difference of the home and the entitlementExample: Seller wants to buy a $601,000 house$601,000 - $401,000 = $200,000 (difference)Down payment = $200,000 * 25% = $50K% down on home = $50K/ $600K = 8.3% down payment

The proceeds from the flips will be re-invested in syndication deals or move back to invest in stock market.

Welcome @Amauri Campos, you chose a great market for sure..

I have about a year of property management experience in the Iowa City market through an internship.

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

Learn the market, learn what makes money.

However, something to consider is that in midwest markets, big multi family properties tend to attract lower quality tenants.

Stock market returns estimated to be much lower next 10 years.