You all have been extremely thorough and helpful.

Given it's in a very low population area, it may just be an extremely slow, low demand rental.

But it's extremely common here for new folks to come on BP with broad stroke questions, without realizing the forum is a searchable database of scores of common questions with a plethora of answers already posted.Mike

This is an extremely unusual practice, never seen this in 15 years of my investing career.

However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied. 

If you're not already extremely well connected, buy some index funds (or the next Nvidia - maybe the current Nvidia still? 

However, I have helped a couple people with extremely basic home layouts when they were in the process of remodeling their home.

I would have to call someone that is extremely motivated to sell and willing to accept any offer despite what they had listed to accept the offer on the 1st call. 

If this property is near the beach or near downtown area, the appreciation potential could be extremely high and it can be easily over millions.

Establishing a relationship with a few of them locally or nationally [if you have a network] would be extremely beneficial.