I was thinking a percentage split or different take o on a short term  loan with a buy out at so many months.

Your tenant sounds like a good tenant otherwise, but you should be sure that your jurisdictional rules changing from a term to M2M do not change in a way you are not prepared to handle.

Once that term is up you have to renew at the current rate.

You are the closest living relative and you have inherited $10,000,000.00 USD.What is your long term strategy?

Ask yourself "who" instead of "how"  Instead of how do you get these connections, think is terms of Who can you work with that have the connections in place already. 

First, determine what your lender offers in terms of Loan-to-Cost (LTC) for acquisitions and the maximum Loan-to-Value (LTV) for a seasoned cash-out refinance.

My question is how do I figure how much to offer him in payments for the time period and would I just offer the balloon at the end of the term?

DSCR loans are long term loans that you would generally get into after a fix and flip if you decide to keep it as a rental.I would be happy to hop on a call to go over this more in detail :) Congrats on getting started on your REI journey!  

In terms of cash flow, it’s definitely possible in the Midwest.

I'm a new investor looking to get into short-term rentals, and in doing my research I've come across the '10% down vacation home mortgage' so I'm looking for lenders that offer this.