It seems like if the building burned down I could demo and rebuild a new building on it for less than half of that 1 million amount.Thanks a ton for your answers already, hopefully I will have a property under contract that I need to speak with you about in the near future :)

It will potentially give you some extra freedom.  

This post is purely for ***** and giggles to break up the monotony before I burn out.

I like creative financing with a project like this where you can't get burned.

One extra measure of protection I very often take is, depending on how bad their credit score is, I take extra deposit (an extra half a month, sometimes whole).

Anyone have suggestions, or know of flippers in the area that could use some extra help?

Look at 3br/1ba houses vs 3br/2ba houses and quantify the difference the extra bath makes in price.  

Property burns down, check goes to them/their bank. 2.  

I am working on trying to put together a deal on a multi family building and wanted to get some feedback on how much extra I can pay for a property in exchange for receiving seller financing.

Well drafted agreements can make sure you don't get burned.