There are some HOA's that are in such bad shape they wont allow any type of loans and it must be a cash purchase.

I did trying to do one subject to loan an my real estate investor didn't know much about it. 

My in-laws loaned us the total purchase price minus $5,000 on a 3% interest rate.

My apartment bldg has 6 units, so it's a commercial loan.

You're going to lose your loan from what I understand.

They then missed out on several more years of growth because they got out of the game and waited on the sidelines for things to look better. 2010 to 2012 was the period that cash investors were the players or those with IRA keep in mind investor loans were still basically non existent in those years for all those expect very well to do Investors beginners were not getting investor loans. 

My belief is that you will be challenged to realize a 10% savings loan n your first effort and there is some chance it will cost more than if you used a GC.  

Bank pushed us to 40% down payment so also executed a $85K seller carry-back loan to cross the finish line.

Make sure that that person has a lot of experience, and make sure that there is at least 20% - 25% equity over and above the amount that you have lent and in your agreement it states that they can have no other liens or loans on top of yours.

@Jake Baker  You should think about a rehab loan if you are going to buy and hold.