wholesaling with a twist!!

[Dustin Allen]

Hi all!
I am currently looking for cash flow as my main objective. Im in the process of buying a few 4plexes at this time, but i really am shooting for buying owc and selling owc. No liability, no headaches, just cash flow. However right now thats hard to do with low equity etc. So I came up with an idea on how to use a wholesaling theory with a twist on it:

A 1800 sq ft house worth $135k. offer 90k cash via hml and i might have to throw in $10k or so for the ltv. I would close on the house, and immediately refi rate/terms with a conv lender @ close. In the mean time (in my 20 days dd) find a buyer and sell it as a wrap around mortgage. Of course have new owner set up as a land trust so there would be no "due on sale" issues.

btw I have A+ credit and I can show money in the bank

Am i missing something? what hml/private program could possibly work in this scenario?? Would i be able to get a conv loan? Can you guys help me with this