I know the market pretty well.

I was interested in this type of deal because I was living in the area for another year and needed to build equity as well as dip my feet into the real estate market.

I have sold many seller's on the benefits of seller financing and negotiated on buyer's behalf as well. 

Especially about validating information. 

If the goal is to become a full-time flipper/contractor, then doing tighter jobs can help build momentum for a business, that will pay dividends well beyond just the specific house, itself.  

I'm here in Toledo and have my rentals here as well.

And if your in a Market with a title and escrow companies they can do the transaction for you as well.

@Hunter Duplantis what @Gino Barbaro said is exactly what I was going to suggest.When you have vacancy is the time to experiment and apply your original thesis.I’m not trying to play Monday quarterback here but, you should be highly confident in where the rents should be well in advance of having a vacancy.That being said, after confirming competition rents on websites (I’d also recommend Craigslist and Facebook marketplace), you should be in alignment there.  

One of my colleagues invests near Yosemite and Lake Tahoe and seems to be doing quite well.

The issues that most run into though is the property doesn't cash flow enough to support a higher LTV or most lender require a minimum FICO to qualify for the higher LTVs... some lenders have other experience requirements and reserve requirements as well... all depends.