This is my third year investing with my mini me 12 year old and this is our 5th deal.My 12 year old found us a great deal- I teamed up with my friend and family member agreed to pay purchase and renovations.

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

Unless the property needs work and the seller is desperate, you're not going to find a seller willing to do any sort of seller financing on their end. 

What are the benefits of SUB 2 financing a property?

My 2 cents but I would rather buy it and put $60k and finance the $240k at 7% than $175k at 4.25% and have to deal with a wrap etc. 

If you’re offering $450K, then you could offer to take over the $120K payments and seller finance the remaining $330K.

Two separate property appraisers (at the direction of the lender) were sent out to appraise, and neither was willing to appraise it as a "residence", and thus financing fell through (conventional primary loan).

.: Someone asked for more detail on Creative Finance.

Quote from @Guillermo Perez: Does anyone have experience with seller finance?

The owner is open to seller finance for us.