Can something like this work with a motivated/flexible seller?

This just gives you more flexibility than a straight 15 yr mtg.Once the property is paid off by your tenants, you can either cash out refi or sell to pull out your equity.

@Dave Kapsack as stated above by others, it depends on the level of detail you want AND the flexibility of the PMC.How comfortable are you with the level of detail you get on your bank statements?

Like some of the other posts 20% down eliminates PMI but if you purchase the home as a second home you have more flexibility.

You need to be flexible enough to adapt to the situation to overcome it.

It sounds like you're going to want software that offers some level of flexibility.

Sometimes it serves the client best for the agent to be quite open about an offer situation, but it has to be OK with the client to do that.If I were looking at a house like that my first question would be, "Is this house obviously overpriced", and would check the MLS for comps in the neighborhood (including homes that just went under contract, seeing as those reflect the most recent market conditions, and if DOM is low you know they went off probably near or at list price).Also look at the aerial view and Google Street View if you haven't actually driven by to make sure there's not a commercial gravel pit in the back, it's not right next to a noisy mechanic's shop, etc - something that would be a no-brainer answer.That way you've done your homework before calling the listing agent.Then, here at least, it would be normal for me to call the agent and ask some questions about the home, including 'is there anything to know about the home that's not obvious from the listing remarks', and whether or not they've gotten any offers, and what kind of flexibility the agent thinks the seller may have on price (if price appears to be the issue).

It's so great for so many reasons: have someone else pay all or part of your mortgage, use this time when your personal life is very flexible to live with less so you can have more later, and you learn a lot about owning, maintaining a property and dealing with tenants.

I have my agent sign me up for MLS listings where the owner is flexible on financing and make every single offer with a slightly higher price, and owner financing. 

Usually, there are low closing costs, fast closes, and flexible down payments since you're not dealing with the bank.