Given all our student loans, the traditional financing options are not available.

It was a traditionally financed purchase, so low drama and once it closed we couldn't wait to find our next one.If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.)

If the property is turnkey i.e. fully rehebbed with all major items like roof, plumbimg, electrical and mechanicals etc. updated you may need very little cash reserves at least initially for a few yrs so you mighe be ok.Having said that I would recommed having some cash as reserves or have way to pay for things in case if something comes up with the rental or in your personal life for that matter.

Also, I like to show them the difference in the $$ they would receive between a traditional offer where they cash-out at closing and a seller financing deal where they get interest income over a period of time.Example:  If the Sales Price is $150K and they own their home free and clear:- Conventional Cash + Bank Financing:  Seller gets $150K at closing.- Seller Financing with offer at $160K, $20K down, 6% interest,  30yr Amortization, 10yr balloon:  Seller Gets $237.8K over 10yrsBy showing the a really solid offer on price PLUS illustrating how much more they can make over time by offering financing, you might be able to open their eyes to the benefits of offering seller financing.Good Luck!

Some of the criteria I use:-Rent is not current-Most items of value have been removed -utilities are off-Neighbors have not seen them or saw them moving outAbsolutely no need to go thru the eviction process if your criteria is met. 

Besides the traditional government authority routes, I really liked @Lee L.

This is where the insurance company makes its money.When the insured dies, the death benefit is paid from the cash value and from the term.You can see these explicitly itemized in a Universal Life policy, but not in a whole life.

However, the work we have to do (we do the turnover most of the time), along with the aggravations that come with dealing with the general public have made it not worth it any more for us, and we'd like to convert it to a traditional SFR.

After Oct. 1st, im going to live with my parents and save up enough money for a down payment on a duplex using an FHA loan, unless I can find a partner to go for a full 20% down with a traditional loan.

And since you'll be living with them, it will affect you a lot more than if it were a traditional tenant that you didn't live with so you'll definitely want to find that out before they move in.