I still have clients buying in Vegas, but it's not as common due to cashflows being hard to come by with the traditional 25% down financing.  

The only person getting rich was my loan broker.Then, I dropped my broker and switched to dealing directly with Chase Bank.

You can refinance into more traditional loans later, but that initial speed matters.

@Kay S.Assuming you are getting title insurance (which I recommend) the closing costs will be similar to a traditional closing.

It's not a traditional school building.

@Rafael Ro Traditionally, investors have targeted Class B properties. 

The "slow flip" I am referring to was purchase the property in the traditional financing way and then live there while rehabbing and improving (adding bedrooms, getting the yards back in shape, updating finishes, building or adding shop space, etc.).

They provide flexibility and efficiency, especially for experienced investors.How have you found the terms and structure compared to traditional options?

The mortgage company gets paid off first, then in a traditional sale, the rest minus agent fees and utilities and closing costs goes to the seller.

If the houses are in decent shape and could get traditional financing do not sell seller finance.