I debated whether it was neccessary or not but realized it could help my business growth.  

We attract a lot of clients from the NJ area as many realize just how close the commute actually is. 

If you don't you may be looking at an upset family member when they realize you bought this from their Dad/Uncle/Brother....

Getting the home rent ready took more time and money than we planned, and along the way we realized that a more sensible option was to sell it with owner financing.

Is it the 10% return they are interested in or the $10,000 minimum cash-on-cash realized  ("they want $110,000 back..")?  

Its important to realize however that just the mortgage payment alone can be no more than 46.99% of your total monthly gross income of 5k Plus the rental income (minus 15-25% factor depending on area).Depending on what the other unit rents for you may be able to qualify.I hope this helped.

I realized that they all have something unique (and sometimes not unique which just pounds the message home) So I have notebooks for each of the Strategies that I take notes in.

For whatever reason I didn't have the realization I'm his private money lender without either one of us using that term. 

I realize you are not in the same area and don't know the geography of the location but I guess what I'm saying is, given the ROI and price, and being my first investment property, would this be a good idea.

It is important for out-of-area buyers to realize how important it is to take control of the process and ask for those things.