Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

Any thoughts on how I might approach the conversation with them?

Given your experience managing 138 doors, you already have a significant advantage in understanding tenant needs, property maintenance, and financial planning.Key tips:Focus on personal finances: Keep building excellent credit and maintaining healthy reserves.Financing: Explore loan options like conventional, or DSCR loans to maximize your purchasing power.Location: Research neighborhoods with strong Section 8 demand and landlord-friendly regulations.Due diligence: Analyze properties carefully, factoring in rehab costs, property management, and cash flow potential.Your expertise and willingness to learn put you in a strong position—best of luck!

Does anyone have any insights or experience with this approach?

.- They are extremely manipulative in their sales approach.

Since I have been semi successful with this approach I can see it working. 

This approach not only keeps tenants happy but also helps you maintain long-term cash flow by reducing turnover costs.

Remember you are using debt to make this investment, not reserves  sitting in your bank account so I recommend a more conservative investment approach. 

She has a very straight forward approach in business.

If your fee is $150k I would expect a very healthy budget to be spent to marketing and advertising this property all over the place.