I'd suggest reading: "The Ultimate Beginner’s Guide to Real Estate Investing" from BiggerPockets. 

You can buy the rate down a lot more with that option, than you could with a permanent rate buy down.The ultimate goal would be do reduce your interest rate enough for the first 18-24 months and then refinance once rates come down (because they will).  

Your owner financing has direct, actual knowledge of landlording this particular property, he doesn't care if you survive or die.

The ultimate in house hacking!! 

@Dario Martinez, ultimately sellers are looking at their net at the end of the day, so if you are willing to offer $7k more and ask for a $7k credit toward closing costs, as long as it appraises, you can essentially finance the closing costs into the loan.

How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started by Brandon Turner! 

So allow me to ask the question this way because this is more-so what the ultimate goal is.Let's say that I'm doing a rental arbitrage strategy. 

You may want to ultimately expand your search a bit outside of Tampa to other desirable areas of Florida that are more up and coming.

So in theory I should be able to borrow do from my insurance policy and since it’s using the cash value as collateral and has no terms (if I understand it right, if you never pay back the loan it comes from the death benefit ultimately) then a mortgage lender shouldn’t count it as debt. 

You have to remember that the majority of small businesses don’t survive.