I got lucky and one of the people bidding against me initially contacted my real estate agent mid flip and we put it under contract.  

I [almost] never offer a land contract or seller financing because, in the event of a default, the seller will have to foreclose in our State vs. with an option, I can simply evict just like a rental.I have done a few low end contracts recently, however, with 40%-50% down [which usually covers the initial investment].  

There is only one set of paperwork to fill out at lease-up (though sometimes a PHA will break it into two sections) and an initial inspection for cleanliness and safety.

Did you do a primary and a mezz loan on this deal or do you just mean it's a short term initial loan that you will refi out.

The book "Hold" had a really compelling example of a small initial downpayment invested in a series of properties over 20 years or so; the Return on Investment (ROI) over the course of time was astonishing. 

One way to be able to purchase at auction is if you have the cash for the initial purchase then turn around and take a loan out with private money on the property.

You will here it a million times on here and it's the truth...you will make your money upon the initial purchase.

Then atfer an initial inspection and rough construction budget coming up with an MAO.  

Currently, there isn't an option to initiate payments before the first.

You will lose your initial earnest money/good faith payment, if there was one.