@Spencer Cuello As others mentioned, can be used if it's short term only and you have a plan to pay off before the 0% expires.Also note it's best used for the rehab portion of a deal after the purchase is complete. 

I give this plan a 1% of success.

How much time do you spend, and what is the value of that time? 

OOS investing is a lot harder than advertised.if you pick a local or local-ish market you can spend time in it, walk properties, go to REIA meetings, build a network.

They did give you info that they love your place, plan to stay forever, and accordingly you should increase the rent $250 per month if allowed by your local laws for the aggravation of dealing with them. 

My plan would be to actively manage the new property and hire a property management company to manage the first property. 

There are tons of syndication opportunities in the market place.Check out @Ian Ippolito's site or 506investorgroup for lots of information on syndications.I spend more time analyzing new opportunities than analyzing prior investments (the horse has already left the barn on those).

I'm writing an offer on a property that I'm planning to pay all cash for. 

Edward, Do you plan to buy a place to live in and rehab or are you going to buy a place to live and a place to fix and flip?

My wife and I plan on moving to Grand Rapids in the next couple of years.