@Alex Deacon Interesting approach.

My thought here is to approach this with seller financing/land contract so I would pay the owner X amount for 5-7 years and then I should be able to get a conventional loan on the place.

I find as long as I approach the relationship carefully, most pros in RE are open to helping. 

Everything I'm reading (including above "gut estimate" and overpaid comments lead to me think you're approaching this the wrong way.

If I was approached by someone who wanted to do something bigger, I'd be open to the discussion!

What are some of the cons of each of these approaches that I may not be considering?

@Norman T Eng if the down payment is a concern I'd find a good deal in a market that's more approachable from a price point perspective.

If they refuse, you need to either refine your value proposition or accept that they weren't a truly motivated seller; you can only lead a horse to water.Thanks Nicole, I really like this approach.

I'd pick one thing, and get really good at it before trying lots of different approaches at one time.

Your strongest position is to bill your Tenant as you normally do in addition to base rent and then file a 'Notice to Quit for Non-payment of Rent' this will be the most enforceable and quickest way to remove the tenant in most, if not all, states.