I see other people have their primary residence as an LLC however. 

My idea is to put 20% down on a $1 million property, with the remaining $800,000 paid off over 8–10 years, depending on how much yearly income the seller would want.I’ve seen a lot of discussions about using seller financing for investment properties, but not much when it comes to primary residences.

Quote from @Nicholas Dillon: Hello All,I have around $200k in equity in my primary home.  

Commercial financing is 100% different (and easier lol)! 

@Kyle Carter, The strategy you're looking at would be what is called a "consolidation exchange". followed by a conversion to your primary residence. 

And as mentioned above, if the lender you are speaking with doesn't know what that is...then you need to go to a different lender.  

If the interest rate are close, then you should pay off the primary. 

Hi Jasmine-Congratulations on being ready to turn your primary residence into a rental.Your question is should you use a property manager or self-manage your property.If there is enough positive cashflow or you can afford to pay a property manager, I always recommend doing so for the following reasons:1.

If your wife and kids aren't moving in with you, then it's not your primary.

The valuation and market value of a multi family property differs from a single family and you want someone that understands the distinctions if you go that route.