Just from looking on Zillow there were literally hundreds and hundreds of homes listed for sale in the city, rivaling even Manhattan.

Mike, a 10% down payment on an installment contract is customary, but a land contract, contract for deed has a new bitter taste to it, especially for a seller.

The old contractors are often bitter and may want to make up for whatever went wrong before you got there.Clear title including signed mechanics liens would help.  

Many times you are dealing with bitter tenants when properties are sold, and most real estate agents/new investors just are not aware of the things you should do before you offer and/or close on an investment property.

So, my concern is that they may be bitter and try to cause issues.But, I cannot worry about them now - as long as I take reasonable precautions.I will ask for the tenant file.thanks,AK

In case it helps, the "tenant" (squatter) is actually a relative who I suspect is bitter because his daughter (the granddaughter of the deceased), rather than he, inherited the house.

They are willing to owner finance with terms that rival what banks are offering, but without the closing costs.

If you start out using them, then it won't be a bitter pill. 

This is a bitter sweet for me because it means I can begin investing in flips but also mean I cannot be materially involved in the improvement.

[sorry, that bitter sound was supposed to stay in my head]You are correct for looking at those types of housing - and there is a forum about short term and vacation rentals where some of this is spoken about as well.