I have the opportunity to discuss owner financing terms on a commercial "flex" use, 4,000 sq ft, $565k property.I am seeking advice on financing terms that would be favorable to all parties, but I do know that the building is vacant and the owners do not owe anything on the property. 

Any small blip in market values and if the lender has to take back the property in foreclosure after resale costs they stand to lose money on the loan.I have seen owner finance deals before at the bottom cycle for 10 to 15% down but in todays market there are too many buyers for cash or considerable down with a smaller loan.If you do allow a structure for owner finance that puts 10% down likely the price and terms will not be in your favor in exchange for the seller taking on more risk financing the note at a high LTV.You might try to bring on accredited investors to make up more of the equity stack to meet the lenders requirements on a larger deal for a typical loan LTV .

This is why many investors favor leverage as a means to scale (expand their holdings) vs. using cash, which takes a lot longer to replenish. :) 

So do yourself the favor and set up a company. 

Our first flip was put on the market Tuesday, it’s been shown a few times and there has been favorable response.

Providence and Rhode Island is fairly balanced actually, maybe a little more favoring tenants in practice but still reasonably decent for landlords.

And what are some favorable terms?

Many wholesalers miscalculate their deals in favor of themselves. 

I'd be willing to do legwork, tedious activities for the knowledge and experience- continue attending REI events, seminarsObstacles:- very little, to no savings- underwater in home; currently refinancing to MUCH better terms/ costsIn my favor:- decent size 401k- passion to succeed/ fight through hurdles- consistent regular career.

To get favorable treatment, looks like you need to add internal access between the units.