Take backup offers. 

So that's why I have a lack of information, I just wanted some general information because I don't know how there would be a downside to seller financing and wanted to be able to have some armor and real knowledge to back up my offer.

After you have removed your inspection contingency and your Earnest Money Deposit is sent in - the main task is getting your loan approved and closed.But first let's back up to when you first got under contract- here is what the loan process looks like from the beginning:1.

So our offer only ended up being 5th of the 10 offers and the seller went for the first bid and put the second as an automatic back up.   

His fellow agents bad mouthed him and there's obvious ethical issues, how DO you prove that you did everything you could to sell the listing when your back up offer is to buy it?

In many cases, if you can get the ground back to where it needs to be, the cracks will close back up. 

What I did do is buy 10 more at $100k and they are now back up to $500K. 

If you have a lender that doesn't care about reserves, then it is likely a really low loan to value, short loan term, or very high rates because of the perceived risk of not asking/verifying assets to back up the loan.  

However when the market picks back up in 3-4 years, interest rates drop, and rent goes up, it'll cashflow very well along with tremendous equity build.With my proposal, the seller would hold 2nd lien on the property and receive payments on a 5 yr balloon.

I then hired a new boutique PM who brought the price back up and had it rented out to fantastic tenants in less than 2 weeks during the winter months which was one of the worst times to get renters here in the Midwest.