The key is truly understanding your market.  

thanks I advance for helping understand my options.

I have no problem helping him with any of  his properties  even helping him clean out any units if he need help with . ( just cause I want to learn more about real estate and how to invest in it And I understand that sometimes you have to give for you to get) I was thinking about approaching him. 

When upgrading, we'll usually go with low flow toilets, lower end Delta brand faucets and paint colors that have a broad appeal.

From the research that I've done (mind you, I'm still pretty new - so I understand my research may be a fantasy land!)

I have immersed myself heavily in studying real estate investing and understanding how to properly evaluate deals.

Am I understanding correctly that we’ll owe ordinary income tax, but since we’re living in the property, we -won’t- owe self-employment taxes?

I just want to understand realistic comparison of reg sale vs reasonable and maybe more attractive seller financing structuring taking into account future short/intermediate term interest rate trends and Time value of money (that I am a fan of learning more).As a side note, being a health care professional I am amazed and always puzzled by financing and real estate.

Understand your numbers well.

I understand what you're saying!