I have already talked to a private lender of mine that tentatively agreed to lend on the deal.

At a high level, this is generally the path people take - we see a lot of people have success in this route - start building the portfolio with banks, low down payments, and then **generally** when you hit around 5 or so properties - it starts to make sense to switch over to LLCs, its too hard to qualify/deal with paperwork of banks and switch towards private lenders like DSCR Loans - (LLC friendly, easier) to scale past 5 or so.

I looked into buying in the Midwest for cash flow but I couldn't help to notice that people are selling homes for $6,000 more than they bought the homes 8 years ago.

Pay a penalty equal to one month of rent along with a 30-day notice, then allow me to market and show the rental during their last month of tenancy.

I would start with all cash and then seek private lending money. 

It often might take asking why 5 times to get to the root why.Also, I notice that often that why shifts...for me in the beginning, money was important because I thought it gave me power, and growing up I was pretty insecure due to a lot of high schooling bullying...come to find out the power does NOT COME FROM MONEY, but rather from within after identity who you want to become and don't let your past define you. 

Not hard money, not private money.

But for off-market/private party transactions, you are free to have your lawyer draft up a contract for you to use.

Quote from @Brandon Croucier: Private investors/lenders do them if theres enough equity. 

Ill send you a private message prior to my arrival to SA so we can meet.