If I understand correctly; the seller would receive 80% ($40,000) directly from the mortgagee at closing and would enter into a personal agreement with me for the 20% down payment ($10,000) in which he would be reimbursed separately from my mortgage payments at a separately agreed upon rate and term?

The primary residence exclusion is $250k per person on title.

I am genuinely curious to know what some of the goals are you have set for yourself this year?

I personally know of top 1% Airbnb homeowners that are flushed.

My personal goal is to build a rental protfolio, but I'm open to anything.Thanks in advance. 

I've got stories that would be hard to believe on some of my seller financing deals, contract on a napkin, personal check for a notarized deed, hand shake deals, etc., etc. and a LOT of fun.

For example, at the start, do you confirm if all persons in the house are aware of your presence, and do you ask if it is OK for you to open bedroom, bathroom and closet doors?

With a loan, a person takes on a Debt Obligation. 

Have the tenants take and send pictures of any maintenance items and video chat with the repair person as needed.If you ever get in a situation where you just feel like you can't do it or don't want to do it, you can always put a PM in place at any time. 

I personally haven't done this but I have helped clients do it in the past.Hit me up if you're interested!