I purchased an REO (that was remodled - rare), Short sale, and regular transaction all with FHA loans.

It's rare that they show up to one of these things.Also, if you're expecting to come out of the free with the knowledge to flip houses like a champ, you'll be disappointed as well.

Be aware that purpose-built four families are very rare in this state.  

In my opinion, the perfect strategy for making solid wealth fast in real estate, is a combination of an active niche (wholesaling, flipping, working as an agent, etc) to build capital, plus BRRR acquisition of cash flowing rentals.

All your comments have been very helpful and I am now putting something together which is a combination of your suggestions.

You can even try to get a hard money loan to buy it, or use a combination of your own money and hard money. 10% will take 10 years to get all your cash back out.

Basically: his cash offer, his seller-financing offer, and a few combinations in between.

Like Mike stated, determine the yield you want and make your offer based on that combined with characteristics of the note and the underlying asset.

We hope our combined skills can form a pretty awesome real estate team.Right now we're looking for our first home purchase ever.

. - My broker recently told me that deals at the price are rarely accepted on financing contingencies mainly due to appraisals.