You'll have to accomplish something like this is phases, where perhaps you cut back the existing joists to a point, to allow you to get the existing rim joist out and slide a new one in, before taking the entire existing joists out.Don't forget though that the further you cut your joists back from the load bearing wall that sits on top of the rim joist, the more risk of that weight not being properly supported exists.Also, keep in mind that now-a-days you have to use something called SILL SEAL which will help water penetration up on the sill plate (you haven't mentioned this but this is usually the board that sits right on top of the masonry/sill).Also, FIX the ROOT CAUSE (water penetration) of the issue!!!!!!!!!!

Seller financing is usually for less desirable, hard to finance properties, or situations where the seller want to get an above market price and by opening the market to buyers who wouldn’t qualify for financing, is able to accomplish this.Investors seeking owner financed deals are always trying to sell the seller on tax advantages, a steady cash flow, better than bank interest rates, etc.

@Paul Sandhu If only we could all deliver the level of customer service and 5 star experience you accomplish for your guests!

Connect with people who are accomplishing things you want to accomplish.

November 16th, 2019 updateI was sick last week so not much got accomplished.

We haven't had it officially appraised yet, although I'm scheduling an appraisal for next week.The payoff on the current mortgage is $120k.I'm having trouble wrapping my head around the best way to structure the purchase to accomplish our goals, or if this is even a good opportunity or not.  

If it's less than that, then in order to accomplish your house-hacking goals, it may mean having to get that job, at least for a little while, so you can prove the income is there. 

I also base the criteria that these markets must match on a combination of financial goals and strategies that I can do to accomplish the financial goals as they apply to the profiles within these markets.So to answer the question of "what types of answers..."

Same can be said about my rentals, my W-2 allows me to pick up ones that make sense to me and tenants that fit well with what I'm trying to accomplish.

With everyone’s advice I can form another approach in accomplishing this matter.