Hey Anne, I'd suggest you do some research on the MTR rental rates and vacancy rates in your target area and understand the costs involved in renovations, financing and property management.

We can cover that monthly but would be happy with a 50% occupancy to help offset those costs.

When you start looking for multi families, you should look in their areas because they will be the lowest cost property management option.Can you tell me more about your Myrtle beach property, how you found it and how your experience has been with it?

She called it a cash offer, but included a letter from her hard money or private lender (same thing, really) stating the lender is good to go with the deal, the lender has plenty of liquid cash, the buyer has his 20% down payment and cash for closing costs, and there is no financing contingency.3.

That being said, they are extremely costly and expensive and generally do not make sense for smaller transactions. 

Again, I envision five families working together to cost share a property. 

consider the opportunity cost of doing this#1) sell house for cash or to a buyer with their own financing from a bank, etc and you get 315K at time zero, you invest that at historic SP500 8.4% return over last 220 yrs and it grows to $3,541,514.46#2) do owner financing and you get 100k up front that invested at 8.4% grows to $1,250,000, plus you get your payments at $1400 x 360 months or $502k, invested grows to $3,265,000 total including the 1.25 mil aboveso you come out 300k better not doing it and you don't have to service the loan and all the other risksremember banks don't even carry mortgage notes after origination, they dump them onto the US taxpayer via illegal-unconstitutional havens like Fannie/Freddie/HUD, and for last 15 yrs the FED has bought every MBS in the country, which frees up the Banks capital to do it again and make the real money on churning the points and feesplus will next 30 yrs have higher inflation than last 30 yrs?

Only thing I will add is if you rent by the room, you also have to factor in landscaping costs (mowing the grass) and ideally cleaning of common areas (eg weekly cleaning service).  

Look into the cost of this for both partners and all the necessary schedules that will need to be generated . 

You clearly have little knowledge of how to run a business and the costs associated with it.