It all depends on what terms he is offering (seller financing is usually amortized over a shorter period with a higher interest rate).  

you can cash out after 6 months of ownership so your answer is yes up to 70-80% LTV depending on your appraisal value you may be able to take out a lot of your original down payment or rehab costs.Let me know if you have any questions or what zipcode/area they are in and we can discuss comps and or options.

(PS I have never done one, so I'm going to have to depend on my attorney.

1.Focus on a market or sub-market depending on size or ability to cover market2.Know as much as you can about the market, inventory in the market & build relationships with the owners/brokers of properties between 10-100 units.3.Clearly articulate your business plan and investment criteria to owners/brokersBuilding relationships and understanding the inventory in market will turn over the deals you are looking for.

As it relates to a BK it depends on what position you are in.

Scottlooking for properties in the 250-400 range that ARV +90-150k depending on scope of work to be done..  

There are many ways to pay PMI:- LPMI - lender paid MI which is a fancy term for taking a bit higher rate to absorb the cost of monthly MI for the life of the mortgage, depending on your credit score it may take .125%- .50% more in rate to absorb your entire premium for the life of your loan- BPMI single premium- similar to the above it eliminates the monthly MI premium for the life of the loan but BP part of BPMI stands for "borrower paid," so as you might have guessed the borrower pays this premium in a cash sum at closing either from their own funds or seller concessions they've negotiated from a seller or a gift from their giftors -BPMI monthly or split premium - MI can also be paid as monthly MI which is the stereotypical way to pay MI and it can also be paid as a split premium or hybrid whereby the borrower pays a good chunk upfront to have a greatly reduced monthly MI payment.Most people take LPMI and absorb it through the rate via LPMI to eliminate MI for the life of the loan. 

@Joel OwensYes i talked to all the commercial brokers within 10 miles that i could pull up in the phone directories and internet from me.

It depends a lot on what exactly your first deal is going to look like.

Whether you can hit the 2%,1% or 0.8% rule depends entirely on your market.There are places where you will hit 2%.