What made you interested in investing in this type of deal?

Motivated sellers will have to price aggressively to stand out in a crowded market so there will be deals to be had if the current trends continue. 

Hi Everyone, I am trying to figure out what I should do in this situation: I have  good credit and would be able to make 20% down on my first deal.

That's why certain areas seem like great deals, when in fact, you have so much deferred maintenance and inability to collect rentsGino

Step inside to discover a freshly painted interior complemented by newer flooring, fixtures, and appliances, creating a coastal ambiance throughout How did you finance this deal?

What made you interested in investing in this type of deal?

Quote from @Ran Fridman: I understand the frustration of dealing with security deposits in your market.

A seasoned mortgage broker will make sure the deal will close.

I never did this before and I have a bit of capital as I'm looking to get into my first real estate deal out of state in the next 3 to 6. months.

You will just be capped at the price you paid for the property as your loan amount (which is not typically an issue unless you are buying well below market value.) so, if you can truly get a better deal on the property by paying cash it can make perfect sense.