He is now selling the property and the new buyer says she cannot find an insurance company that will issue her a policy because it doesn't have central heat/air.

Self-Management:Pros: Saves money, offers control, and builds tenant relationships.Cons: Time-consuming, stressful, and needs expertise.Hiring a Property Manager:Pros: Saves time, provides professional expertise, and market insights.Cons: Costs money, less control, and finding a good manager can be tough.What about you?

Hi Ashlee, I'm just wondering if this is one of those scenarios when it's time to offer a tenant "Cash for Keys".

We learned early on that:-3 of the 6 buildings are in a flood zone-the current owner has a loan, this lender doesn't require flood insurance-1 building took on a little water at one point during the 12 years the seller has owned the complex. 

If you go inland just a few mile the insurance is much cheaper and with a sfh as compared to a condo the HOA are very low.

Private institutional lenders actually offer 30-year fixed loans underwritten to the income of the property.

A big variable here is insurance.

2) What protective measures should I consider as a buyer in a seller-financed deal to ensure the offer is as efficient as possible?

Do I need to have the total amount in IRA to cover the house plus her asking equity to do the self-directed or is there a loan option offered by IRA that I can tap into?

I keep wondering about insurance, vacancy rates, if tenant selection is a bigger/ different factor, terms of the tenancy and differences in opex and capex?