If that is the best route to take, do I turn around and buy a third property with the extra cash?

Being new to the game I remember signing one document and my attorney specifically going "so no AirBnb."

Funny, seems like this thread just keeps breeding house-hacking interested ME's, as I am one as well, I've been listening to the past BP podcasts after my brother turned me onto them, and now trying to get involved in other ways to continue moving forward. 

I have this deal I want to finance using owner finance.After I get the contract signed what’s the next steps? 

A potential investor would also want to review the existing agreement, assuming that one has been signed with the previous owner.Best of luck to you!

@Jay Hinrichs glad you know the signs to look for.

Let's say we find a project "pay cash" and do a rehab funding it with our credit line, then turn around and sell it for a profit, pay down the credit line and square up on that.

So I came across a for sale by owner sign.

I'm not very good with window terminology, but when I took a look at this property, the "side jambs" were turned inside out on several windows? 

I'm actively trying to find properties where I could turn them from a 2 bedroom to a 3 bedroom.