You are paying for it with a higher rate.

I just closed on one for that last week and it appraised.Under contract at 223k with seller paying 5k in closing.The property needs 20k in repairs. 

When someone wants to send you a referral privately, they are probably sending you a friend that pays them a referral fee.

With the exception of building a trailer on the property (these are hard to finance), this sounds like a good plan AND if you are using it for your business AND your business pays more than 50% of the rent (if you have more than 1 tenant), then this is a more financeable property in the eyes of banks and credit unions as it would be consider a commercial "owner-occupied" property. 

Is it like you sold your house and don’t have to pay for the profit?

At a high LTV your leverage will be magnified.If your cash flow really is break even (I have my doubts) then with the magnification resulting from leverage, you could produce a fairly good return (ROI from leveraged appreciation, equity pay down, tax benefits).Good luck

Kody, you need to investigate the Pace Subto group and pay to get in. 

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

Used funds to pay other debt off plus out cash in the side.  

When you pay off a mortgage you pay the interest for all the years you didn't own the house?!?