I'm thinking things like not taking into account PMI or other expenses you didn't figure into your analysis of the property.In general, what didn't you realize would be part of your life until after you purchased your first property. 

Figure 50% of rents go to expenses and reserves....booyah...$500/month! 

Think 10-20 steps ahead and figure out how you're going to get there. 

I am trying to figure out what are the best terms to structure on a deal like this, as far as the owner/seller finance goes?

I would advise to figure out what exactly are your goals?

Talk with your CPA to figure out the best tax strategy moving forward. 

But I figured im better off getting it anyway.My question is if anyone can point out any other issues that could possibly come up with a sold as-is property?

The refi will roughly double the deductable interest while also doubling my rate for the duration of the loan.

Admittedly slightly biased as a PM, I would agree with @Caleb Heimsoth, you're going to save a lot of time, headaches, and money trying to figure out this process if you use a PM.

Some areas are rough and draw a lot of crime.