If you are getting a deal from the MLS (and yes, there are still some on there), you need to be aware of something important if you are using the listing agent while you are the Buyer: The listing agent's hands are tied during the purchase negotiations.

Downside is that the property now has a new taxpayer and you are tied with those members in future 1031s.

I mean what are you going to do run water and plumb a toilet and tie into the existing sewer/drain field?

Easy: Mislead the seller with bogus clauses such as 1. subject to partner approval (your partner can be your dog)2. subject to 60 day inspection  (they are tied up doing lots of inspections)3. subject to financing (just be sure and don't try and get it)If you use enough weasel clauses you won't lose a dime, will have raised the sellers hopes, taken the property off the market leaving REAL HONEST POTENTIAL BUYERS behind, and started developing a reputation (maybe not a good one).

I have ties to these areas and plan to live or visit often in these 3 areas (including my current area of Seattle).

We cannot do conventional financing for at least another year and would honestly prefer to have a deal such as this being an owner-will-carry type situation where it is not on my credit (tying up my ability to purchase a house elsewhere).

The reality is ff we don't close, our capital is tied up, holdings costs continue to increase, and we can't move on to the next property.  

The main benefit is that you don't have your cash tied up for 6 months waiting for the property to season.

FHA loans tend to air on the side of caution when it comes to down payments and they will investigate where the money came from, and the money cannot be tied up into a loan that you will have to pay back or you will be denied for the loan.

Often times the members can also help with creative ways to purchase so you don't tie up all of your capital. :)