A twist to Owner finance

[Alejandro Flores]

So I bought a house with No money just 2,500$ for closing, my lender is giving me 100k at 7% interest for a year.

Bought the house at 63k putting in 25-30k into the house and once I fix it up I'm thinking of refinancing it with a bank. The appraisal will say it's worth 120-130k. The bank will loan me 75% LTV, I'll put if any what's left to pay (I'll have 60-70% equity)

Since it's my first house ever bought I'm going to take the advantage of first home buyer where I can get pretty low interest. 

Then set the property for sale by owner with owner finance at 145k, ask 10-15% down payment with a higher interest rate (not too much). I'll put 5-year ballon. 

Get a real estate attorney to give me the right papers and protection. Once I have a buyer set up, I'll set up a loan service company to manage the payments. I'll get paid the down payment and cash flow will come in.

Let me know if there is a mistake or something where I can do to improve!