Hard money on a flip reminds me of people who use margins to purchase shorts, the return can be spectacular, or you can lose all your principal fairly easily. 

The dog and pony show she put on every time she came into the office was spectacular.

@Jonathan Edmund Agreed with Melvin's post above, I wouldn't bother with the owner financing unless you're getting some spectacular terms. 

At $80k your cash flow on the property is spectacular.

Russia's northern coastline has begun producing huge qualities of toxic methane gas.

Wow 2 months - pumpkins and corn mazes - that's spectacular.

Appreciation is not spectacular (right now), but it is easy to buy a fourplex that will have positive cash flow with only 75% occupancy.

Not a spectacular neighborhood, loud bar just down the street, etc.

Just make sure that if you look at anything built before the Hurricane that you do your due diligence well, like any other place in need some contractors came in a did piss poor jobs on the homes an ran.I have a cop buddy down there too that bought a new home after the Hurricane I want to say he payed in the 120's range or so, nice little place i believe it was a 2/2 I would have to ask, it was in Gulfport.I did see a few weeks ago an REO property just north of the coast line in Gulfport that was a new subdivision development for sale, it has something like 70 plots laid out if I can remember correctly, the website pictures showed minimal readiness and I don't think utilities had been run yet, but I remember seeing the letters from utility companies and the State Dept of Agriculture about the land.

The challenge of this kind of investing is that it does not have spectacular growth opportunities, like some of the more popular investments (think: tech stocks in 2000 and 2001).