Pros:Easier Qualification: Sellers may have more flexible criteria than traditional lenders.​Flexible Terms: You can negotiate down payments, interest rates, and repayment schedules.​Lower Closing Costs: Bypassing traditional lenders can reduce fees.​Cons:Higher Interest Rates: Sellers might charge more to offset their risk.​Shorter Repayment Terms: Loans may have shorter durations, leading to larger monthly payments or balloon payments.​Due-on-Sale Clause: If the seller's mortgage has this clause, the lender could demand full repayment upon sale.​Considerations:Legal Review: Have a real estate attorney examine the contract to ensure clarity on all terms.​Property Title: Ensure the title is clear of liens and encumbrances.​Down Payment: Be prepared for a substantial upfront payment, as sellers often require this to mitigate their risk.​Default Consequences: Understand the repercussions if you can't meet the payment terms.

Not saying anything about selling or not.  

The last 3 turnovers he did for me have been well behind schedule.

I see where you guys are discussing meetups and varying schedules.

., with lower monthly payments based on a longer amortization schedule)?

@Albert Johnson sounds great, but wholesalers will lock you into a contract with the hope of selling it off to someone else and pocket the difference. 

Whether this is ordinary income/Schedule C or Capital Gain will depend on a number of factors. 

. - I think you can search events in this forum to see when local BP meetups are scheduled.

Why would a lender risk giving 100% financing when selling costs on a home are around 10%? 

Because flips are considered inventory (not capital assets), profits will be taxed as ordinary income rather than qualifying for long-term capital gains treatment.For tax filing:Report expenses like construction costs, permits, and interest as part of your cost of goods sold (COGS)—these won’t be deductible until the property is sold.Since no revenue is expected in 2024, your S-corp may show a loss, but that loss won’t reduce personal taxable income until the sale occurs.Each partner will receive a Schedule K-1 every year, including 2024 and beyond, as long as the S-corp remains active.Unlike an LLC, S-corp shareholders do not pay self-employment tax on their share of profits.