I'm willing to leave the property empty for a year to take advantage of owner occupied loans, if that's possible.Here are my estimates..Property: 1,355 sq ft, | 3br 2bath | 8,500 sq ft lotComps / ARV: 500-560k ~ 530kTotal Needed: 340-400k ~370kSale Price: 270-310k ~ 290kRenovations: 70-90k ~ 80kSevere cleaning needed (doing myself)Severe landscaping needed, it's a jungleI'd like to maximize potential value and be at the top of in-area comps, so would like to do a full gutCash on hand: 20k - 30k------------I'm considering,- Seller financing + separate renovation loan- FHA 203K (BRRR)- Fannie Mae Homestyle Renovation (if down payment is below 5%) (BRRR)------------Seller Financing + Separate Renovation LoanPros:Low down payment (via seller willingness) <= 3%Low interest rate (via seller willingness) <= 3%Cons:I'm unaware of how I can finance rehab without a personal loanMust cash-out refinance to obtain equity, conventional loan rate will not be as good------------FHA 203KPros:Low down paymentBundles rehab costsCons:Higher interest rate than the seller financed loanMust cash-out refinance in order to obtain equity and make an investment property------------Fannie Mae Homestyle RenovationPros:Bundles rehab costsCons:Higher interest rate than the seller financed loanMust cash-out refinance in order to obtain equity and make an investment property------------I may be totally off on what would be optimal here but wanted to provide my current thoughts.

Also, you might want to consider about how the higher rate fits with your long-term investment strategy even though eliminating PMI and having no fees are nice perks. 

Talk to the bank and find out what rates you could get and what the numbers would look like. 

Has anyone successfully done this before?

However because it is now 5 units I would not qualify for traditional 30 year fixed rate financing.3.

If the seller is open to seller financing, I was thinking of putting in a full price offer with 10% down and maybe terms of 30 years with 4% interest rate.  

Note that CA tends to have higher tax rates so if CA taxes $10k of rental income sourced in Ohio at a 9% rate, but you only paid, say, 4% to Ohio, maybe you'll get a credit for the 4%, but you're likely still paying the 5% differential to CA. 

Have you had any success as an agent?

Current interest rate is 8%.

I've done it before where I cover the probate expenses for the seller and still make it a successful wholesale.