I'll admit that I had the inspection report before purchasing the property last year, but then I did nothing with it, except for getting some money towards closing because of the known roof issue. 

I actually asked the lender for an exception and was met with a hard no.Checking the loan docs is the best recommendation.  

I have all my properties using loan so they are in personal name except 1 which is under my LLC because i paid cash for it. 

(except bathrooms) 

The exception is if you have a 15 year mortgage vs 30 years.There are pro's and con's to both.  

If we start talking about IRR, instead of CoC (which is the logical and intelligent thing to do) those 10%, 15%, and 30% numbers become a lot easier to hit...except IRR involves exiting the property, meaning the money will need to be reinvested somewhere else to keep earning you a return.

For you, as the Buyer, there is no difference between Seller Financing and Bank Financing, except that you would bypass the loan qualification process that the bank loan would involve.You buy the property, you own the property, the Seller has a lien on the property which he will foreclose on if you stop making payments on the debt that you owe him.  

@Keith UsryI was almost just like you just over four year ago except I moved down here just after school for my first job.

You spent none of your money and you made $10,000 with no property to show (which is what you set out for).A few of the points may change of course like the numbers, a double closing, your relationship with the owner and your cash buyer are vital.

If you want to look into doing it yourself let me know, we handle almost 600 units in-house except in extreme circumstances and I can show you products and use to handle it.