Note: Even a HELOC is going to come with some closing costs (not sure why that was the subject line of your post).

Only a wholesale-lease-option deal solves their problem (or buying subject to my prefered).

Active being fairly subjective, but if partners are signing on loans, brought in for decisions big or small, or have an overall hand in the management, they are active.Passive investors, as mentioned, becomes a syndication and there are many SEC filings and compliance items that need to be handled.

It was very clean but not as modern-looking as the subject property I am interested in. 

When you use third party collectors who do not give you PCI compliance, you are subject to charge backs for which you have not control over. 

Moving forward this is all subject to change depending on how things play out.

Have you squared away your financing with a lender and met with a real estate agent to help guide you through the process and outline expectations?

Jonathan, there are already dozens of threads on these subjects if you want to get caught up.

What would be the best way to approach a motivated seller with a creative financing option (ex. owner financing or subject to)? 

I have heard some conflicting thoughts on this subject.