I know conventional lending could become an issue depending on the condition of the property.

I looked at somewhere between 150 and 200 deals before getting my first deal and that was at a time when market conditions weren't as tough as they are now. 

Do the condition of the units match market rents?

This property had significant potential for value enhancement due to its location and condition.

If it holds up under these conditions, you've got a solid investment—better safe than sorry!

It was in rough condition, which limited competition and made it a strong candidate for the BRRRR method.Negotiation: After analyzing comps and repair costs, I negotiated a $420,000 purchase price, which was below the market value for similar properties in the area.

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

It would be based on the scope of work of the renovation that you're doing comparing for values in its as is condition and values after rehab 

Property ClassProperties are categorized by class, impacting their quality, condition, and investment profile:Class A: High-end, newly built, prime locations, attractive to institutional investors.Class B: Good quality, older than Class A, with minor deferred maintenance.Class C: Older properties with dated amenities, but value-add opportunities exist.Class D: Distressed properties in less desirable locations with high risks but potential for significant improvement.4.

Normally when a  property is advertised as "cash only" the property is in poor condition and/or the seller wants to reduce contingencies and opts for a cleaner transaction.