I'm looking to buy a multifamily this year but I am trying to decide what financing to go for.One of the most important criteria for me is that I can purchase something with 15% down or less.If I target seller-financed properties, I imagine that I'd be dealing with a seller with plenty of equity and maybe is a bit tired of being a landlord.The problem is that these sellers are NOT DISTRESSED. 

I wouldn't even return the cleaning fee to be honest, I'd politely, or maybe not so politely, tell her to go pound sand..Rain.

You can play with pricing to see how it affects demand, so you have a better idea of the quality of prospects and how many you get at different price points.You could also then modify your ad to identify a target MoveIn date and start accepting & processing applications.

I was primarily targeting properties that were likely to redeem and would yield me at least 12%, so my bidding and research were structured around that.

Overall I feel your goal should be "just enough" to make the prospective (most typical "opportunistic") trespasser move along and find an easier target.

A real estate agent will have access to the multiple listing service (MLS), which gives you a list of low-cost properties, such as foreclosures and short sales.Find your target marketTo find a potential house to flip, one of your first moves is to find your target market.

That's how you get the best of both worlds.I will defer to your judgement / answers as you are going to be more of an expert in the area and I am just basing it on spending a few months there and potentially wanting to live there in the future.Maybe I chose a wrong word when I said 'poor'.I stayed in Madrid during my time and I just based my response based on discussions I had with locals and 'high level research' on the internetIt appears that unemployment rate is high in Spain at around 11 percent with a higher rate for those who are younger.A had discussions with many where they are mentioning to go outside of Spain if they want to further their career or get a higher salary.locals have told me that it is difficult to start a business in Spain from getting approval and the taxes are higher for those that are self-employed.My personal assessment, which I think agrees with yours, it will be hard to make a rental work if you target it to locals but if you target it to outsiders, you can make it work.During my stay in Madrid - I stayed in Chamberi, Lavapies, La Latina, Malasana and spend around $60 to $120 a night mostly in airbnb's(basic rooms with basic furniture). 

Were you targeting a single family home or multi-unit property?

Personally, my investment funds will be targeted elsewhere for the foreseeable future. 

Apparently I'm not searching for the right thing.I'm aware banks won't recognize the value of the rental income because there is no lease, so my target buyer would be an investor or investment firm looking to pay cash.