When a tenant tells you to move forward with eviction, best to take their advice : )  As this is new to you and they may be getting a lawyer I would get your lawyers involved asap and if you don't have one get one. 

To know how much money you can make for your partners you have to stretch out the numbers no less than  for 1, 5, 10, 20 and 30 years projections on paper.I was involved in two multi-million dollar syndicated real estate deals where I was the limited partner and lost close to $2 million.

This involves knowing how to make an offer, negotiate, and get experts to handle the paperwork in order to close on a property.

In the next three and a half years, my involvement in property management allowed me to increase that portfolio by 706 units.

If we take this route then is it a simple process or does this involve a lot of paperwork as well.

@Ashley Lochli sometimes it's hard to know which lenders are good until you're fully involved with them and then it might be too late to make a change. 

It’s a probate deal with 7 siblings involved.

I have a down payment and am ready to get involved!!!

As for the paperwork, it will depend on your local area regarding the wording on the documents and what's involved.

For example, it could be like 2% interest or amortized over 40 years or something that really makes it worth it.And the other point you made is that with any balloon payments involved in a seller financing deal, I need to absolutely make sure that I can get to 80% ltv (or whatever % that is to refi out).