I’m surprised more people don’t do this regularly, especially if it a good deal.

@Kurtis Eaton I have had all three types of income producing rentals, STR, single family LTR and Multi Fam.  

Are there any REI Networks that meet regularly that you know of and attend in the DMV area?

As has been stated on these forums regularly, the seller also benefits greatly given the consistent return of the note and at a much higher rate than one would receive from a bank and with less volatility than would be experienced in the stock market.In my uneducated opinion syndication offers higher potential for return whereas seller financing offers more financial flexibility.

What's left is your cash flow.In my experience, most primary homes or new construction are not going to produce a good return.

Working directly with sellers is the bulk of the equity capture I need at the buy.Look for tired plexes, carpet and a dumpster in the driveway, yard/moving sale holders, places for rent and to your circle you deal with regularly. 

Also, the bank will give you a loan depending what will be built there so you will have to produce some plans.

Should I get an electrical inspection done outside of the regular home inspection since this is an older home? 

If both are at low rates and your credit is good, I would save and buy a rental instead of paying off the loans (obviously continue to make the regular payments). 

I will say though that the building is currently occupied and producing those numbers for rent today, so nothing *needs* to be done upon purchase but should be done right away to avoid hassle down the road I think?