My guess would be that as this GP is doing 1031 as a TIC into the deal he would be a little less likely to want a sale, which is a taxable capital event, and would like to keep his money invested and sheltered from taxation as long as possible which tends to fit with my investing style of long term/preferably forever investing.        

Here’s my take:Buy for the long term.

But I figured you meant that maybe the property was in bad condition, but the loan terms themselves weren't bad. 

Purchase price: $850,000 Cash invested: $15,000 Bought on owner financing on a 5 yr term.

All that said...if you're not confident you can get at least 1.5x your LT rents as an MTR, I think I might go with long term but skip the management company and DIY. 

Whether it says Passive LP, creative financing, fix and flipping, notes, Short Term Rentals, seller financing  etc - I am at the bottom - I can scream no but I far too often hear stories of people quitting their job to pursue real estate and then end up very unsuccessful. 

But it’s CAN be a great way to PRESERVE wealth long-term.

Can refi an existing mortgage to a shorter term “Mini Mortgage.”Navy Federal 80% LTVNorway Savings Bank, MaineOmaha MortgageOregonians CU - ORPenFed max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties.

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

Now you have to monitor & keep a record of original list prices, unless someone in BP land has the answer for that!