@Kenneth GarrettPlease, for the sake of all parties involved, scroll up to the post a made a few days ago, click on the links, read through those threads.

A few examples that have been surfacing regularly across many states- Crazy late night parties from STR tenants... the landlord is liable and can be fined or worse, depending on the location and severity.

It's going to be hard to place the specific blame on one party. 

Given that the seller is willing to finance (which I think is good), I'm also aware that without a third-party bank lender I won't have them watching over my shoulder making the normal checks.Is the best course of action to hire a local real estate lawyer with experience in commercial property to make sure I don't miss anything big?

The best part is they cost you nothing out of pocket!

If you decided to pursue this, before any money is invested, speed a little to sit down with an attorney, and possibly your accountant, to draft a partnership agreement which provides guidance for operations, disputes and dissolution that is fair and clear to both parties.

The homes would be small enough to limit/dissuade any partying and separated to potentially reduce noise complaints.

You are bringing additional parties into the relationship and that just brings higher risk for failed communication. 

I think renters and buyers take off from Thanksgiving to Super Bowl, snow, cold, ice, dark at 5 pm and all the holidays, gift buying and lots of parties.

So they don't expect me to come to every party or stay long.