Then, due to non-payment, evict.

It is my understanding that for investment condos, we can expect 6%+ interest rates if we insist on a 30 year fixed rate from the few lenders who will even consider non-warrantable condos.

It may help lower the cash requirement as closing if it can be negotiated that the seller pay all of the non-lender closing costs and then the maximum amount of closing cost contribution toward the lender's closing costs allowed by the lender.

Are there non-licensed people that have success stories? 

My state is a non judicial state so you can place an offer on a house before it goes to auction because techinally the seller still "owns" the house.

@Robert Naucke JrTell him you will sign a simple non-disclosure.

So my question is what approach you would take to finding non-builders (i.e. investors) to sell the contract to? 

Due to the unique vacation rental market, non-water front properties don't get the same attention, because most of the vacation rental owners are out of state.  

I would insist on either higher than market rent, a non refundable option fee, or a higher than current market price for the purchase option.

But I've always done turnkey, but lots of folks at the meetup do it non-turnkey.