Even if you use an outside PML, silent seconds and business credit to “show” liquidity to close.

Are they no longer offering a credit for those repairs? 

Most of the time the seller was either going to pay off high interest debt - like 19% credit cards, or invest in a greater investment opportunity.So, considering all of this, why do owner financing deals get made?

This is your first loan, so you have no exp but let's say your credit is good, maybe 750.  

That mortgage will tie up your credit and your VA entitlement, impacting your ability to purchase other property.

It's got everything from $250K townhomes to $5 million mansions and great rental histories.

I assume this is deal one but as long as they have good credit they can get entry level bridge loan terms. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Find out what you qualify for from a loan officer or credit union. 

Verifying last 2 years of rental history very important!