During the term period, do i take over mortgage payments and pay the seller a rental fee/rental premium from the cash flow?

Look for both cash flow and value add.4.  

You have to know it takes effort and a lot of time, play the long game, but it's totally worth it. 

. - Lastly, if you are looking at real estate as a long term buy and hold strategy, you have to look beyond just cash flow.

Amazingly, they suddenly figure out that they happened to leave some spare rent money under the mattress or their rich uncle left them a bond they can cash out.

Out of pocket cost to purchase (DP 20%): $135,200Monthly cash flow: $5,400 - $4,000 (mortgage) = $1,400Months to recover only DP: $135,200 / $1,400 = 84.5 It will take you about 8 years to recover your down payment.

I didn't find anything that I liked better that would make it worth it for me to change my workflow.  

If it's cash, then you need to write yourself a check. 

Worth it?

It's in good shape and won't be worth the money.