The issue is not the contract, the issue is going to be enforcing the contract, the individual who was selling this could hold this up for years and cost you tens of thousands in legal fees, and then they file bankruptcy and stall it another 5 years.

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell. 

Many times they will hold back the renovation costs in escrow and release once you’ve shown the renovated unit and leased it.  

The model opens a pool of possibilities for owners who are prepared to hold and manage the property long-term.

However, if you already own a note secured by a vacant property, AHP Servicing and Activist Legal can help you execute the preREO strategy on the note(s) you already hold and want to keep.

This either sounds like a seller looking to "retire" and liquidate his holdings or a Section 8 owner that hasn't kept the property (or rents) up to market levels.So, based on the numbers you're using, what return (IRR, Equity Multiple, or ConC) are you estimating you'll generate over your expected holding period?

BUT, I am sick living in construction and would like to move to a new home and then finish fliping and sell or hold the two homes asap.

I’m still new to all this and my goal is to eventually move out of this condo, rent it out, and get a new house and rinse and repeat for a bit.

The longer the better, but keep in mind that many of these structures have severe prepayment penalties so using 10 year debt for a 3-year hold creates a problem. 

Long term hold, with buyer planning on carrying existing financing to term without the ability to quickly cure default — terrible strategy with huge risk for both parties.