Or you have to take a value add approach to make it worth the hassle. 

Worth area.

Worth area.

For example if the house is worth 400K, but they are willing to sell it for 375k because they are avoiding having to pay 25k in agent fees, then the bank can consider the equity gap as a down payment.

I know its mean to say that people who do their own contracts get what they deserve, but you must know that if you are paying a couple hundred thousand dollars for something it just might have been worth spending $600 on a lawyer to do a proper contract for you.

However, some lenders may have guidelines on how soon you can move in, so it’s worth double-checking if they have any seasoning requirements before converting to owner-occupied status.Refinancing Options – If your goal is to eventually refinance into a conventional loan or an owner-occupied loan, be aware that most lenders require 12+ months of documented 1099 income for qualification.

It's worth about 500k in equity.

Definitely worth exploring.Best of luck!

Just direct message me and I'll share my thoughts for what their worth!

The picture they have on Zillow vs one of the several I have with the same view: