Creative financing... Would you do this?

[Myka M.]

:welcome: As I have mentioned here in a few places I am looking to break into a couple of different areas of real estate... one is rehabbing and the other is commercial. I found another commercial deal that I really want to look at, but that is not why I am here.

I was thinking of ways that I can acquire the building and came up with an idea. I wanted to know if any of you would consider doing something like this...

I need to add to my money down on a property, I may want to buy and hold or fix and flip. In both situations I want look to other investors for down payment assistance (so to speak). Let's say I need $5000 extra and I offer 200% return on investment.

For instance: The terms would be Investment $5000, No payments until property is rented, then something like $1,000 per month until the investor gets back $10,000. Or if the property is a rehab and flip then the investor would get hack $10, 000 at closing (after rehab).

Does this sound crazy to any of you or is this something that any of you could see working? Please give any insight good or bad.
Has anyone used this type of investment before?