On the surface of it, this is a terrible loan for you (and a great one for the Seller)!...

Wholesaling and fix and flipping are the most common, and these both require significant time, effort and money.Passive investing in rental properties still requires significant time, effort and money to acquire properties, as well as good credit and a good debt to income ratio to finance the properties. 

I have to mention that I do have a relationship and a bank account with a local bank in Florida and I do own a LLC in OhioWould I be able to use the equity on my two properties to pay down the deposit for the third one?

Or they can pay online. 90% of my tenants pay by the bank deposit way and a small percentage pay online. 

And as of today it appears there is no original lease (now month To month( that the tenants signed.

My dilemma is between a cash offer of $204,500 and a conventional offer of $210,000.

I think the answer to your question depends more on the location of your property and a lot of zoning issues that may or may not afford you the opportunity to do what you’d like there.

You do need an attorney, just not a securities attorney who will charge an arm and a leg.

RE requires you to be hands-on unless you are willing to be completely passive and give up control and a lot of $$ to a manager, partner, etc.

I use contractors and I usually get all of my initial purchase money and a subset of the rehab costs.The most important thing is to learn a lot on this first property as you want the next property to be an even greater success.Good luck