Your method of buying out interests is quite creative and will require some research, but I will look into it.

I can file and LLC with the state along with articles of incorporation and a operating agreement, both of which I have found on the internet that are simple and geared towards real estate investors.

I currently own a 3 family and have exceptional credit so I hope they will consider private financing.Other than private financing, is there any other creative ideas to finance this property that someone could recommend?

Where the models have the most trouble is with home equity lines of credit (HELOCs), as that loan could be open and have a zero balance, or the borrower could have used the entire line.Overall estimated equity is a great tool for narrowing the field to properties that are likely underwater, owned free and clear, fully encumbered, etc, around which many real estate investing strategies, including most creative financing strategies are based.

Here's my podcast where I shared my wins, my mistakes...even my biggest LOSS in real estate.http://www.biggerpockets.com/renewsblog/2014/04/10/bp-podcast-065-creative-investing-wendell-de-guzman/No pitch.

Campaigning out of state referrals is very creative!

. :) My point was, if you really understand the basics then it only takes a bit of imagination in applying the basics to creative solutions to build any transaction that is lawful and profitable.

I hadn't even considered the idea of creative financing.

The options are enless, Land Contracts, lease options, master lease agreements w/ options are all great examples of seller financing and can truly help you get creative when a traditional wholesale offer is denied.

Has anyone ever done creative financing with a portfolio lender like 1/2 ARM and 1/2 in like a 15 year fixed or anything?