What should I look for before making an offer on a property like this?

Since most people who are not actively seeking a sale are not motivated to sell at anything other than a top of the line price, this is going to be a numbers game of x thousands of contacts for every potentially doable deal.  

I’m not local, so I’m trying to get a feel for what it’s actually like making deals in this market right now.

so if you don't have a lot of money, then you'll have to save some up.hope this helps

This strategy could work.

I’d appreciate any guidance or tips to get started on the right path.

Any tips for navigating the competition in such a hot market?

If this is a property you want to buy you can make any offer you want but your owner financing offer is awful if she has any financial acumen. 

Check out the different Forum Categories here as they can answer a lot of questions you have just reading through.

I agree with Andrew, if you do this right.