I'm new at investing so looking for clarification from some of the more seasoned investors.With your traditional sandwich lease option, I’m assuming that when it comes time for the buyer to close, the investor (me) needs to do a double or simultaneous close, correct?

Traditional brokers are not creative and they don't understand these things.Best bet, try and find an independent agent or search for "Flat Fee MLS  your area" and get a local guy.  

I'm curious if anyone here has actually had any luck in pulling off this scenario.Small community bank is selling an apartment complex - in this case its 14 units.Instead of a traditional sale, they simply assign the property to an investor (Me) for say 5% down payment and at a good rate.  

The "price" of a piece of improved real estate can be re-characterized as the cost of attracting an owner, which takes into consideration all the neighborhood characteristics traditionally affecting the price of real estate.

Look outside the traditional lenders.  

(think all the Canadian snow birds) for these very reasons.And its a nice little cottage industry for the locals

My student rental turnover is considerably higher compared to traditional rentals and not uncommon for the majority of units to only have tenants for 1 year.  

generally, motivated sellers cant wait 30 to 45 days for traditional financing. 

Travis,How in the world do you rate living in Hawaii while the rest of us Hoosiers are currently buried in snow at the moment?

There is no reason to not have traditional AND unconventional ways of acquiring property.