A bank would probably be happy financing 75-80% of this deal with the seller picking up the rest, although they say that they want to make sure you have skin in the game, they want to be in 1st mortgage position and make sure they don't have their neck's out too far.I would first run your numbers and see if it even makes sense to pursue prior to asking about owner financing or carry back.  

http://www.teamprice.com/tar-2001-residential-lease.phpThat's the official Texas Association of Realtors (TAR) lease you'll find at almost any apartment complex.

I planned to put 20% cash down and finance the rest.

I'm not a lawyer, but I have read enough on it to know that I don't like doing it, can open up the rest of the partnership to liability if one partner gets sued for something, even if its not related to the property owned.For 4-plex properties and smaller I buy them in my name then Grand deed them to the LLC after closing.  

I won't go into the rest of the script but it gets you started.

Definitely lots of crazies here LOL.But like @Amit M. always says, craziness creates opportunities for the rest of us!

Thank you BP, Jerry "today is the best day of the rest of my life..."

Also make sure that the rental cap has been officially adopted by the association, and isn't a "suggestion" by the management company.

It would be nice to have some easy money (easier than working for it at least) coming in for the rest of my life.Question is, if I take 2 years off, is it likely that I will still be able to use my degree to find a business job?  

I've found some of that already today and am going to explore the rest soon.