Rate & term is alot easier to do if your in a hurry and can save you on hard money interest payments (assuming you have used hard money) The downside is your money will be tied up but you can also refi again later with a cash out or get a HELOC.. this can be tricky too and its a different topic.

I am in the pay off all debts (to increase my debt to income ratio) phase while also trying to save up money to start. 

 @Tony Pellettieri, thanks for the info. 

Our analysis is a template you can follow for any city, but doubt you'll find this much info for any other market in the US.

@Matt Waggoner depends on the target pool of tenants your properties will attract.First, what you wrote doesn't violate Fair Housing, so you're legally fine (check with an attorney though).OPINIONOur company is in its 24th year and some of your requirements wouldn't work for us.1) Many 600 credit score tenants won't be able to find the info for 5 years of landlords.

I am saving up for a down payment for my first rental property and I’m looking to do seller financing.

Just like your saved after- tax money in your bank is not taxed each year. 

Looked for CC info to put in new CC info.

So take $32k minus rent saved and divide the remainder by 3.

If you decide to get into this make sure to keep info confidential.