Defaulting to something like 80/20 (building/land) could be a good approach, but you need to modify it depending on location.

I would definitely approach it with caution.

Is there good way to approach this or is there alternatives to this method?

Good afternoon, looking for my first property in this crazy, (exciting), time.I have been looking for wholesalers to approached about getting a property from them, yet all that I am finding is how to become a wholesaler. 

I think that's probably the best method for the low money down approach.   

Owner occupancy requirements for this loan is (Typically) 12 months, which I am fast approaching.

Sales is a contact sport.

The best practices approach is to have you act as the bank. 

You could also consider having more like 4-6 ads running at once with different approaches on each.

But maybe I have the order wrong and the owner had already declared bankruptcy and then they approached him with the idea to do a short sale.