Another issue that I don't find the solution in the syndication literature is how do you finance the interest paid to the investors when there is zero income during the construction.

Here is my understanding... the underwriter was a hard money lender who required the house to be put into an LLC initially so that he could use the estimated "rental" income as the way to get approved for the loan.

It probably doesn't include income from the 5th or 6th unit if it's supposed to be a loan for 4 units right?

For flipping my accountant recommended an S-Corp (flipping income is handled differently and so is insurance).

The city's strong rental market driven by a growing population ensures a steady income stream and with affordability as well as a median home price below the national average, Cleveland stands out as an attractive option for those seeking a promising return.

They’re currently paying way below market rent and are on a fixed income(social security).

Maybe they mean your net, net income? 

Could the rental income justify the price?

How many leads do you estimate you'll be generating per day?

While seller financing offers numerous advantages, including tax benefits and continued income for heirs, it seems he's set on selling for cash.