So if back that out of each payment to get your new interest rate and if that is not enough return, keep connecting with this note seller, he may reduce his price sometime in the future, and then again, he may not . . so keep fishing.

Additionally, due to some unfortunate family circumstances, my family had to sell some properties in a timely manner and try and 1031 the proceeds.

I am a real estate investor, short term rentals (Airbnb), and looking to acquire additional properties in the near term. 

In my situation, it simply would not be worth the additional hassle.  

I understand building in additional income, but I think you are doing a long term dis-service to yourself in that respect.  

So is the property a 6 cap on existing rent and then there is additional percentage rent if sales go above a certain number annually?

In addition, ideally the unit and rent continue to appreciate increasing your net worth. 

Any additional feedback is welcomed and much appreciated!

Understand that by doing that, the city may require additional repairs to the structure if they see anything out of code. 

that's great. are you looking to pick up any additional properties in Birmingham?