Why not 30 year term with a conventional loan?  

If you want to be buying right now and can't self source leads though you're probably going to need to adjust your acceptable numbers and focus on the long term.

From what you’ve described, it sounds like you’re more focused on long-term appreciation and future benefits rather than immediate cash flow.

Focusing on the best quality real estate will allow you secure more favorable financing terms, more likely to achieve favorable exits/refinances, more likely to attract the best capital partners.

Let's say $300k, you then agree to the purchase price but add your own terms (ex. 0% interest, 5% down, 16 years to pay back).This way, you're paying (example) $1,800/month but renting the property for $2,400/month and pocketing the difference.Anyone have success doing such a thing?

We want to see equity, seasoning, a quality borrower, and good terms. 

So far, nothing.The point is that I believe people spend a lot of money, time, and effort protecting themselves against a non-existent threat.

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.

Looking at this property as a long term rental strategy.

the terms of your agreement with the agent will lay that out