I could understand the seasoning if we bought the property, but we inherited the property and the note that comes with it.

I am in a field that is similarly scorned and criticized by people who (most often) don't even understand what it is we do or know how much we really get paid: EDUCATION!

@Ashton SharpTake a look at an amortization calculator it will give you a better understanding of when you can expect to reach 20% equity, get the property appraised (will cost around 500) and re finance out of the FHA thus eliminating the PMI.

Since I am targeting the corporate crowd (and relocators), I've talked to some of the major employers in the area to understand what their needs are.

@Brent CoombsI do believe i could get all my cash back, I have heard this method preached by many people on BP over and over again and I'm convinced it will work...but you must understand that this is our first one so there is always the air of uncertainty since we haven't gone through the process. 

Read through them carefully or have any attorney explain them to you if you don't fully understand them..

I've been sending direct mail (yellow postcards) to absentee owners in DuPage and Kane County, over the last 5-6 months and I've been averaging a 1.2% - 1.5% response rate, which I understand to be pretty decent.  

Also, I like to have a full understanding of every market that I invest in and be involved in the acquisition process, it would be tough to be heavily involved buying far away and I'd have to fully rely/trust the person I'm working with.

60-150k for ARV is a huge range for ARV.First thing I would do here is narrow the ARV down as much as you can before you spend time really digging into the seller financing piece.Next I would try to understand what the property needs for updates and what that's going to cost you.  

I'm more eager to learn and understand 100% what my goal is before I even make a purchase.