Hire a local broker for Intel.Seller financing is not for bad credit borrowers.Look into a lease and ROFR instead of lease and option.Buy and hold investors want desirable areas and responsible long term tenants.  

Added bonus is that no kid is going to get strangled on the $8 blinds because they're too cheaply made to support any kind of weight like that anyway.

Because the 10 loan limit won't affect you, there is no reason to structure the business the way you described (two LLCs with 81/19 ownership) based on financing consideration (liability considerations may make it desirable however).  

And I cannot see getting the lot in a desirable location and new building for that price; yet I can could buy existing and rehab for that and less.

I specked the property price and desired rent.

@Marcin Moscickicongrats on your desire to achieve financial freedom, or FI (Financial Independence, I think that one is from Dave Ramsey:)  Glad to meet you.  

Most sellers do not want to do seller financing because they take the risk of non-payment and having to foreclose, which is a lot of work most sellers don't want to deal with, so there are considerably less of them.And most seller financing deals in my market are usually just plain bad deals, because 99% of buyers have conventional financing or cash, which is WAY more desirable to a seller. 

I personally use 15% for maintenance and 10% for vacancy and try to hit my desired numbers.

If the desire is to retain these tenants with a longer term lease, need to develop the lease and have it Signed by both parties. 

I am not entirely sure what is going on there, but I am guessing that they are on the verge of imploding under their own weight.