I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.

I have had sellers agreed to owner financing as well as sellers to take steep discounts, as well as sign a purchase and sales agreement with me on the spot. 

@Zach Howard I am working on a how-to book on Creative Financing now (I am the author of BP's book on Mid Term Rentals) because when I was teaching myself I was frustrated at the lack of clear instruction.

I can help with the financing portion, but I would love to help connect you with an outstanding relator in the area.

If you can buy with 20 percent an hour away, as you said, that seems like the best option if the finances and numbers work for you.

I may start with house hacking to build confidence, take advantage of owners financing (this will be my first home), and to build my network first. 

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

This is not yoursituation, but just to walk through the different thought processesin Holding/Selling that a friend of mine is going through.Helped my friend getinto the Self Storage business and walked him through the wholeprocess from evaluating the market, selecting a site, developing thesite, systems, financing, insurance, etc.

Go to Pace's group, Creative Financing With Pace Morby, on FB, and look for "gator lenders".

Sadly, FHA has a 2 year work history requirement, as does Conventional and USDA financing.