@Bill Gulley I like the way you think......The only snag is getting a seller to agree to this original contract term.  

Does anyone here run profitable rentals (long term or short term) and would be willing to share some good locations / strategies on getting started? 

I just have a couple questions: how do you typically get your hands on probate properties?

I have been doing research on BP and other places for a couple of months now and decided that buy and hold long-term rental BRRRR strategy will be best for us.

The note would typically have a Due-on-Sale clause as well, that permits the noteholder to immediately call the entire amount due at any change in ownership.Just think of the seller as the bank (other than a Contract for Deed situation, as Don said).

Thanks, Gary Neely Gary, Just use you standard state contract and write out the terms of your seller financing in an addendum or on the OTP itself if there's lines for additional provisions.Be clear and concise.Example,Seller will carry a promissory note secured by a 1st position mortgage in the amount $97,583.00, at 6% interest, amortized over 30 years, witha a maturity date and balloon payment due 10 years after the closing date.Hope this helps and certainly get an attorney involved if you are not comfortable drafting the language.  

But there are too many stupid bidders, for a lack of a better term.

Guessing the potential long term construction of a new road and housing development with no time line is scaring people away.

These are typically owned by “groups” so it is a little difficult to get lenders to take me seriously if I want to become the new owner. 

I’m interested in investing in more real estate to have long term and short term rentals for passive income.