@Charlie Fitzgerald is right if you are using traditional, in-your-own-name mortgages.

Not until after 12 months on title for traditional funding.

I understand these mortgages are hard to get from traditional lenders.  

One thing you want to be aware of with a traditional mortgage is that you could trigger a *due upon sale* clause and require an immediate pay off of the loan. 

@Jonathan C.If it is free and clear look at buying it on installment sale, private first with payments and a balloon in 3 years, to be traditionally financed.See a mortgage originator about your credit, income and debt, and get that in a letter for the seller.Offer full price with all payments subtract3ed from principal balance.Offer lowest interest re imputed interest table from IRSSee http://estateplanninginfoblog.com/2011/11/lending-...House hacking is okay, but have some savings in case roommates do not pay. :)@Bill G.

What are some ways besides traditional financing for someone to get into a Commercial Property? 

HML will cover all properties, sight-unseenHML can fund quick, sometimes within one hourHML is usually easy to pay off if you're keeping the house and have it whipped into good enough shape to take traditional financingSome HML lenders will fund flippers with no interest payments, money due when house is sold or @ 12 months in a balloon paymentHML will give you better rates if you're experienced. 6 pts 18% is ridiculous.

If you can help sellers sell there property when they can't sell it a traditional way then I say you are providing a great service. 

They closed in 2 weeks from the date of application on their website, and the entire process was very streamlined compared to traditional financing.

I have other "traditional" offers coming in lower than current loan balance.