You definitely want a legal agreement that's forecloseable, getting as much front money as possible so that you're not just in a lurch with nothing if/when they default, and you should get better interest terms for "being the bank" AND I would qualify the buyer just the same as if they had to go to a bank, because you want to know who your partner is in this deal.

You could easily niche into that via even just the legal realm and would probably never have to step outside of it.

Link to article about Falls Event center founder that recently went under & is facing major legal issues.

She's our CEO for both our Sales and Property Management companies as well as she co-owns a contracting company with her husband while managing a whole bunch of kiddos!

I don't think the sellers agent does much. maybe take pictures and "review" the contract... the buyers agent is the one that shows the property and the one that draft the contract.

You can't resolve the issue unless you pay off the loan, the bank sends the property into foreclosure and your original seller sues you for breach of contract and ruining his credit. 

Hire a company/person that is solely a QI like @Dave Foster they do it every day and will keep you legal and on track. 

Look at Homes.com or Realtor.com to get an idea what that type of property is selling for (look at the ones Pending or Under Contract)...or, look in the county's GIS system to see what similar properties sold for.Once you have an idea what a fair market value would be, let the landlord (if they're interested in selling) mention their price. 

I'm not sure if you're aware but STRs are not legal in JC unless you the owner live in the building 

That process has direct lender involvement.Where the challenge lies, is when unsophisticated "investors" with no experience, no money and no reserves use creative financing (often called wrap, subto, lease option, seller financing, land contract) to purchase properties and along the way there is a "hiccup".