What are your thoughts on this type of deal?

It sounds like he has a specific loan type he is wanting to place you in, vs what might be best for you. 

I have an opportunity to purchase this property, and tear it down to construct a 4 or 5 level condo type building (which is what is being done by the local developers in this area).

Sometimes it is like pealing the layer off an onion with these types of deals. 

What type of tenant's are you looking to have? 

That said, as someone who has done a few OF deals, the docs your attorney/title company will suggest you use depends on the type of owner financing: generic owner financing, land contract, lease purchase, etc. 

@Cole Cherryholmes - goals come first, asset type comes second.

Is there any way to affect the appraisal process, or is this a "luck of the draw" type scenario. 

There are so many details behind the general explanation that just comes to you naturally as you research and get to understand it.You can start by using the search bar at the top of the BP website and type in a keyword like "BRRR" or "BRRRR" (sometimes they use 3 Rs, and sometimes 4 Rs).

I'm considering relocating in the near future strictly for the purpose of investing/building a portfolio of rental properties.I'm specifically interested in using the BRRRR strategy on residential 2-4 unit properties and 5+ unit commercial deals.I'm looking for assets in desirable C+/B- or better areas so no section 8, high crime or low income type of neighborhoods.Rents must meet the 1% rule and I'd like to cash flow $200/door after refinancing once the property is rented/stabilized.I'm trying to find a market where deals are more readily available than here in South Florida where it's very competitive.If you were gonna pack up and move somewhere strictly to invest in rehab/value-add multifamily where would you go?