Some types of Creative Financing include: Seller/Owner Financing, Land Contract, Wrap, Assumption, Subto, Lease Option, Contract for Deed.

Owners are unloading their STRs due to over saturation in this market.  

I would also share pros and cons of paying taxes on the windfall versus owner carry.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

If you are interested in becoming a landlord or buy and hold investor a great way to get started is by house hacking a multifamily with an owner occupied loan. 

Henry,I take it these lots are sold to owner builders who want to build their own home ..

@Chris Seveney What is their name, and what types of owners/realtors have they called for you?

@Stacey OlsonRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

They are thier competition and I know the owners.

The current owner has to dig the floor out and replace the floor to meet spec.