Up front pre-build and carrying costs alone are a killer.

Seller carry wraps are normally folks that cant get a loan for various reasons so they are a credit risk/default risk.

@Amber DouglasIf you are confident in renting the 6 unit and have funds to carry you through the rehab and lease up then it all comes down to the numbers.

Thus, he wants nothing to do with carrying the note.

One advantage of seller carried mortgage or private notes is generally a reduction in income documentation.

His stance is that there would be no point as any depreciation would just be carried forward to future years.  

For example, I've had amazing success with seller financing—one time I even got a seller to carry back 100% of the home's value in a first mortgage, meaning zero down payment.A crucial part of this is finding motivated vendors.

Or a $500K property with a rehab budget of $200K and $35K for carrying costs and an ARV of $1M.

Yes, you will have mortgages on these properties but any true investor is not as concerned about carrying a mortgage as they are about the returns the property will bring.  

And a few literally flee the country and apparently still carry on with their business.