If your loan is a short term loan with a balloon payment, then you are likely going to be required to refinance or pay off the balance. 

I would also potentially consider just doing the BRRR method on single family homes.

Instead of using my $30k saved up to use as a down payment for my first 2-4 unit, I would keep that as my financial cushion while I make the switch to becoming a real estate agent.

Collect interest and payments over time while maintaining an interest in the property.1031 Exchange: Sell a property and reinvest the proceeds into a similar property to defer capital gains taxes.

I put down 25% down payment, and got a loan for 75% of the purchase price so I have $53,475 equity in the condo.

Under lease agreement, tenant has 3 day grace period before late payment.

For example, I may collect an 8 percent interest only monthly payment on the principal balance and 10 percent of the equity in the future when the loan matures.

I would prefer interest only payments during the rehab period, if possible.

So to start this is a master lease and the terms are as follows.Rent paid to seller monthly: $1,500Down payment: $40,000Option to purchase property in 5 years for $175,000Or scenario 2 (whichever seller picks)Option to purchase property in 10 years for $125,000A little about the propertyLocation: Rural area so some rent increases and appreciation but nothing drastic4 units with rents at marketCondition: 4/10 livable but outdated and some deferred maintenanceMonthly NOI: $1,861Market Cap Rate: 9%Is this a good deal or would I be screwing myself?

It doesn't make sense be in a -$800 a month (at best) while paying a huge monthly payment with high property taxes.