Some might not be livable at purchase but 5k still seems cheap unless there is something off with the data. maybe the prices were reduced on unlivable properties due to back taxes being part of the deal for the purchase.

You would need to let them know you are 2nd lender and want to pay the loan off.

I advertise via Sabbatical Homes and Harvard Off-Campus Housing and insist my leases begin on Sep 1, Jan 1 or Jun 1 and end on Dec 31, May 31 or Aug 31. 

I am in the charlotte area looking to get started here and also have started working with 2 investors looking to fix and flip single families here as well but only wanting off market deals Hey @Anthony Benoit!

Over the summer my wife and I bought our first condo with the idea of renting it out later on down the road and kicking off our investment journey.

Sometimes it's nice to get a new lease so that you can increase the rent right off the bat, but having tenants with a solid payment history is worth so much more to me.

typically with seller finance there would be some period of monthly payments and then a balloon where you pay off the balance in full. 

I've got a possible off market deal.

Take the emotion out of it, and just base the two applications off of facts and your requirements. 

Only thing I'd add is consider off-market as well.