I'm thinking C building, C neighborhood.

This would be a rental with rents between 1000-1300 and it's in a C area.

Stock looks like any of the inner city upper mid west NE  C stock..

I personally haven't had success in buying and holding in the lower end neighborhoods in Memphis (20k-35k price range, C- D class). 

When selling and carrying back a note, a) I complete a standard Louisiana purchase agreement and specify the terms in the standard agreement. there's a section for it.b) take the signed purchase agreement to the title company and they will prepare all necessary docs for the purchase including a promissory note for the loan. c) after closing, I get the note, they get the deed.

I'm assuming you figured in the roof and A/C in the repair costs and that's why your CAPEX is only 5%, because those major things will be brand new. just remember that there is is still furnace, hot water heater and appliances to worry about. by your figure, in 20 yrs you will have $7800 saved up for a new roof then, but in the mean time other things can go depending on their age which will take away from that amount. 

In most states, the C-A closing is not able to be done for either legal reasons or insuring reasons.

Are your properties A,B,C class? 

Now I'm thinking I'd like more cash flow that a B or maybe even C could generate.

If I double close and the buyer(C) is coming to closing the same day, would I be responsible for funding the part A-B transaction (seller to myself)?