As many of you probably know (and I just learned), proof of a consistent flow of income from the same employer for 2+ years is extremely important when it comes to receiving a loan (regardless of my excellent credit score and lack of debt). 

This way I’m protected that I purchased low enough while the owner can benefit from the upside if I surpass a certain number.Has anyone ever tried to do something like this?

I am getting my real estate license and am looking for an Employing Broker in Northern California.For the last two years I've been investing in real estate (four flips so far) and want to expand into other areas (buy, rehab, rent and hold). 

If you don't have access to cash right now, make that offer very low.

I am currently enjoying the The Ultimate Beginners Guide, The Book on Investing with No or Low Money Down, and number of youtube channels.

Once you're deemed credit worthy by lenders you can start using leverage which needs to be used VERY carefully but is also extremely powerful.I personally do NOT recommend that someone with a trades or self employment 'life track' as you are describing is best suited to buy a first house with cash, and for instance use your time to fix it up.Few reasons here:Firstly, often the kinds of 'cash deals' available are ones that can to generalize tend to be more cash flow type properties (as opposed to equity properties). 

Money Mustache and the recession for getting us started on our real estate journey, and our gainful employment for saving up a bunch and the stock market (betterment account) for giving us an extra $10k or so for free.

It can be very difficult for self employed and small business owners to finance a home because their taxes do not always show a lot of traditional income.

$475 rents for renovated units seems very low. 

Depending on how much money you have (the money you mention is for you to live on), it could be enough for the 25% down and the reserves a bank would want to see but this becomes high risk pretty fast since you will be giving up a HUGE chunk of money you have to live on.Finally, Brandon Turner's book on no and low money down investing can give some ideas on creative financing.