Help a newbie out! What to look for in seller financing deal?

[Daniel R.]

Hello BP!  I had found a local home listed for sale with seller financing.  What do you look out for in this kind of deal- pros, cons, red flags?  It looks like the home hasn’t been transferred since 2016, so I would be curious what has happened since the current owner acquired it- not enough money to fund a flip?   Outstanding violations to the property not worth the headache of working out?

Why won’t this qualify for conventional financing assuming I have my 20-30% down if i wanted a bank to fund this?  Thanks for the help!