But if you have a little money to invest, then skip-tracing and contacting property owners is another method. 

I started with the BRRRR method for long term rentals.

I'm very familiar with the rental market around there having one of my properties on the same block.Is there anybody on this forum who has direct experience with "change of use" or adaptive reuse of space?   

If mom and pop did poor marketing and you bring in professional-grade internet SEO and other methods you could theoretically double your revenue in one year without any additional cap-x.

A house that cheap is going to be difficult to finance with traditional methods.

Now that my backstory is out of the way..What are pros & cons to using this "creative" method to finance the property?

I will spec materials/colors/repair method when I feel it needs to be done a certain way or I want something different/special.  

To reach your objectives, make use of BiggerPockets tools, get in touch with knowledgeable investors, and adopt a methodical strategy.

What bothers me about the GC method of purchase is the buy it for whatever price and sell it for more later no matter what model.

I was particularly interested in the BRRRR method to leverage my capital and create forced appreciation through strategic rehabs.