No bank involved unless/until a refinance later.The main reasons I’m looking at seller financing here are that the property has been sitting for a while, the seller already mentioned it as an option, and I like the flexibility compared to going straight to a bank.

Too many investors are involved now.Every investment vehicle goes through the same thing. 

I would definitely get an attorney involved or at least guidance for your county. 

The only way this is not selling a security is if every person involved has responsibilities and authority over the outcome.

It's important to realize that anything in real estate is playing the long game and that there will be a substantial amount of time and effort involved to make money. 

So, I’m highly involved in the market full-time.My opinion is that Tulsa and surrounding suburbs provide a great place to live, and to invest in both Real Estate & Business in general.

Yes, I had to explain active participation vs. material participation to the CPA too (insert eye roll).

Rare Earth's, too many politics involved.

and the more parties involved, the more things can go wrong. 

You need not have regular, continuous, and substantial involvement with the property.