It’s long, rectangular with bench seating. 6’ wide by 20’ long.

Is pasadena tx a good place to own rentals for the long term?

It would be my first one, I’m confused on when we agreed on terms.

It's good to put together a long-term plan, but I have never understood how someone with 0 properties is more worried about how to scale then how to build the foundation correctly.You are putting the cart before the horse.

If the approximate $140k is seller financing, are the terms of such agreement made in the real estate contract? 

We purchased the property in 2020 as a primary residence and then turned it into a long-term rental in 2022.

Efficient negotiations secured the property for $120,000 on favorable terms.

Waiting too long may result in the applicant backing out, and thus, you would miss marketing to and approving other qualified tenants. 

After the renovation is complete - you can either sell the property or refinance it into a long term DSCR (debt service coverage ratio) loan.

Real estate is a long game unless you are talking about getting a real estate job, which then requires skill and experience.