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In a way I did this this a few years back. Three friends of mine and I bought a house to flip. We bought the house from a bank. It was a foreclosure and they let us have with no money down and no payments for 90 days. We did have to deposit 6 months worth of payments into a savings account and couldn't touch them for 6 months as part of the deal - so that could be considered a down payment but it equaled out to about a 1% downpayment. We got the mortgage then put 30K of our own money into the house to fix it up. We did most of the work ourselves and got it done in around 2 months then had the house sold 2 months after that so all we ever had to make was one house payment.
This was before the massive interest rate lowering though and now where I live it is very hard to find these types of deals because big developers have started moving in and buying up these types of things, but I would guess there are still good deals like this out there if you are willing to look.
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