What kind of terms have you been able to secure?

Do you have any 101 resources you can point me to?

I was hoping to structure a deal that involves paying the seller every month and then a balloon payment in 5 years (when I can get an 80% LTV cash out refinance to put a mortgage on the property without having to put any money down because I'll have built up at least 20%).

They have stayed now for over 20 years. 

Curious to know what issues other owners are having? 

He wasn't giving into the state and local governments mandate for employees to be forced to wear masks, get vaccines, etc and he started getting "threats" saying that he could be taken to court and have assets seized if he continues "breaking the emergency laws" during covid time.That could be viewed as an extreme example, but things like this worry me as I have my own company and employees.

They may not have a payment history to provide you!

During Covid, the home could have easily went for $1 million.

A very important note to your getting started phase - No real investors want to "to grab a coffee or hop on a call" without getting to know a little about you and knowing if you have something to offer them.

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.