One big advantage of a seller financed note is that, in the future, you can try and negotiate a lower payoff amount If they owe what its worth, you don't get that extra bonus in the future.

@Aj @AJ Brown Master on the main is a bonus, especially for us senior folks.  

Purchase price: $70,000 Cash invested: $90,000 This property was the biggest transformation so far in my REI career, and it fought us every step of the way.

For the bathroom, for instance, repainting, re-grouting the shower walls, installing new shower head, swapping out vanity, swapping out toilet, and installing new faucets would completely transform the space and isn't too difficult to do on your own.  

The Nisource pad mount transformer would run 8-10K, an REMC might charge a few hundred dollars.

But I would not be surprised if that whole area starts transforming into hipster central.  

Bonus!

They are most likely not cash flowing, probably it is only equity pay down they are getting and appreciation as added bonus.

Bonus is that it has a detached 1 car garage which is not common in the area and a large corner lot.

I love the idea of a bonus instead of a credit.