Owner just has a note/debt pure monetary charge, no legal ownership at all. 

I'm just used to analysing deals purely on cash on cash and cashflow.

Are you talking about pure owner financing with no underlying mortgage, or a sub2 wrap?

If the house is still a smokin deal with higher maintenance/vacancy costs and you are looking for purely cash flow than those types of properties can be great.

We also buy pure rentals when the number works. our market is class A properties managed all over the country as "home" is only relevant to the current set of orders.Definitely check out the podcasts, blogs and forums.

I know there will be a plethora of examples, opinions, exceptions and objections to the vagueness, but this is purely for a simplistic model and I am curious to see if there is some correlation. 

Yes, appreciation is not something I want to count on unless it's pure Bay Area play but even that is speculation in today's market.

I thought the model was purely lender and not syndication.

If you want the condo as a place to visit occasionally, then that's very different than looking at it as a pure investment. 

EvelynThanks for the mention Evelyn,There is little to know appreciation in our market so I don't suggesting investing here unless you're looking for pure cashflow in solid B class areas.Much success