@Steve Graves: It definitely is discouraging that the ultimate roadblock is there while home owners are footing all the legwork, money, time, investment and assuming all the risk.

I'd be looking at multiple structures. we try to build below the average new build cost in our market in Columbus Ohio which is 515,000 last year and we target land 40-50k and urban core adjacent where we get higher price per square foot. we build for clients with margin around $190 a sq ft depending on multi or single. we can get that down in our triplex it's a little higher on our single family homes because of garages and limited economies of scale. hope that helps. idk Philly but if you show me the area and styles of homes I can give you some more insights. 

I have yet to do my first deal, I know it takes hard work, but they made it seem easier and better than going the normal route and than what it actually takes to get your first deal or at least started.

Meanwhile, the sellers who are most likely to offer creative financing are normally the owners of  real estate that have issues.....condition.....low barrier/over supply market......or perhaps pricing issue, and one of these factors is why its not marketable in a arms length transaction and why creative financing would be accepted.

Nothing about your post sounds normal for them. 

Originally posted by @Chris Seveney:Congrats never having s deal with an IRR less than 25%. but reality is these returns are not normal.

The taxes and affordable insurances also help the cash flow on top of normal to above market rents in some neighborhoods.

Lastly, your going to want to get with local governance, a lot more then normal.

I was lucky enough to have purchased before a surge in the London housing market, so I got my foot in the door for 280k CAD.

I'll normally pay 1-2%No idea who this guy is or about the program but getting a $10k fee to bring a good deal doesn't sound out of line.