Log Home, my first deal (Maybe?)

[Derrick S.]

There's a terrible log home local to me that is begging to be flipped. Owners are out of state and are offering owner financing of $100k with $40k down. It needs $40k and two months in renovations/repairs. It will sell for $180-200k once fixed according to a well respected local realtor. Kind of big money for me right now...

On the plus side: I have some great credit partners! Both have over 750 credit scores and make $45k and $70k respectively. I'm confident of this deal and the market/ location. 

I am thinking of getting a $85k loan from lightstream.com. Payments will be around $1200 plus the owner financing payments. My thinking is that this plan will expedite the process and save us a set of closing costs/re-agent fees. Using 0% APR cards to make payments until the flip sells.

A little tight, but it will get me on the board with a $40-60k win. What think ye? Are there better strategies? This is a weird property and situation.