Ya, this seller is unloading some of his properties for medical reasons...

Management company owns the properties, is willing to unload one or more to you with seller financing. 

A framing package as in a building plan marketed by a lumber yard?

He could benefit from not worrying about unloading a property he doesn't want, gets all the money he's asking for (eventually), and I get the cash flow with minimal expense to get in the deal.With respect to offering my co-worker more, I'm only considering it if it appraises for more.  

This is a major money pit you need to unload.

Banks took ridiculously low offers on foreclosures they were trying to unload.

Of course saving on the Agent commission alone would save 6%, but I'm thinking there may be investors that are looking to unload a property, especially if it's giving them issues, stage of life, etc.Does anyone have experience with this approach?

If you're talking about the bannister you need to go to a supply house. 84 lumber is a national supply house, I'm sure there are many of them in your area.

It was going to be mostly sweat equity and I figure we could have it ready to rent by the time we had $15,000 total into it.However, our target area changed after we acquired it and we decided that this property didn't "fit" anymore and we're just unloading it.

Housing tends to follow lumber futures prices shifted out 1 year which confirms that we have more runway left.