Since you’re already networking and have some good realtor contacts, focus on narrowing down your investment strategy (like buy-and-hold or house hacking) and target markets with solid cash flow potential.

Try to anticipate other potential avoidable situations with a follow up inspection to assess the Locksmith’s work and ask your tenant(s) if you can also use the time to assess for other issues such as unchanged HVAC filters, leaky pipes, working shutoff valves, working smoke detector batteries, properly working downspouts, clogged dryer vents, evidence of water damage from leaking roof, etc,etc,etc.

In light of this, I have been exploring the possibility of pursuing creative finance options, specifically seller finance deals, as a potential means to achieve my goals.

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

It's an amazing market to be in because you can still find the 1% rule and positive cash flow while getting amazing appreciation potential.

You can also potentially bill back tenants for usage too.   

We are always look to help investors and potentially partner on some flips.Wow small world.

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

And What other conditions/terms/costs do you calculate when underwriting the potential of a deal?

Look for properties with high cash flow potential, good condition, and room for improvement, such as value-add opportunities.