And will there be tax involve?

Interest applied to the original Loan amount, and not to the remaining balance.2 - 20 year term to payoff.3 - Payments would be made monthly for P & I.4 - Interest over 20 years @ 10%/year = $10k/year for each loan.5 - Principle payoff per year = $5k/yr/loan6 - TOTAL coverage needed = $15k/yr/loan or $30k/yr based on $200k in loans (both loans)This allows you to use the funds as many times as you want, but only have to pay for these funds once. 

The seller financing idea seems very involved for sure. 

One partner will 'silent' and be bringing the down payments of aproxiamtely 20-25%, and the other partner (me) will be doing all of the aquisition, rehab management, finding tenants, ongoing PM, etc.....I am currently involved in 3 other partnerships that own buy-n-hold rentals, but all of them are 3 people, so '33-33-33'.

They routinely apply current building codes to homes built in the 50's that will be required before a tenant can move in.  

Everything I am doing though I am learning new skills and I can apply them moving forward.

It applies to auto as well.

Do you involve an attorney in the process?

I've done the rehab all myself so far with the exception of contracting out the new HVAC installation and electrician and I've gained a great deal of experience and appreciation for what is involved.

My mom actually applies for a VA loan so there's a lot of doors open up of what we can do and i was trying to get her in a multi unit.