Wholesale to myself then BRRRR - does the concept work?

[Ken Aitkens]

So here is my scenario, please speak to if you have any experience in this and if it  could work.

I recently negotiated an option on a multifamily for about 50% of its current value. I have wholesaled properties like this in the past, but I'd like to keep this one for myself if possible. The building is fully occupied, needs little work and cash-flows really well.I don't have the cash down payment to close on it currently. So I got the creative juices flowing to come up with a solution to make it all happen. This is what I am thinking I will try, please let me know where the holes are.

So I can buy it for 300K. I would then wholesale it through a double closing from the seller to my wholesaling LLC, then have the final purchase done by my hold co. LLC. My hold co in the end would purchase the property for 500K from my wholesale LLC. I would therefore make a wholsale fee of 200K in my wholesale LLC. I would use transnational financing to fund the first part of the transaction. Then in the second part of the double close transaction (wholesale LLC to holdco LLC) I would use the 200K wholesale fee as the cash down payment for the final 500K purchase. Would this work? Does it even make sense?

Thanks