[Calc Review] Help me analyze this deal

[Aja Leafe-Hall]

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*This link comes directly from our calculators, based on information input by the member who posted.

This is my first BRRRR deal. It is a long distance purchase. I'm partnering with my father who lives in NH. He is a contractor and will be doing the rehab and property management. I am financing this with the HELOC from my primary home in WA. The market growth estimate in the calculator is very conservative for the area. Zillow estimates an 11% increase in home value. I put in 5%.

I can offer 10% down with seller financing with a 15 year term and a buy out clause (as described in the calculator) or take out a conventional mortgage with 10% down. The property would be considered a second home with the latter option. Considering the plan is to refinance in a year, is it worth having a little negative cash flow in the first year?

What would the benefits of seller financing be vs. say an ARM?

What else am I missing?