We had all the RIGHT puzzle pieces sitting in our laps (great realtor, carpenters, and mortgage broker as close friends and family) so we just had to simply put them together (with a lot of hard work and having a family of 4 living in one room at a time for a couple years.)We are now moving to Roslyn, WA and hope to start a similar (although not as extensive) project there and also try to acquire some SFHs in Kittitas County to start our REI education/climb to billions. :) This feels like bragging, but it was a lot of market luck, hard work, amazing friends, and a wife with an eye for staging.

Based upon my experience, a buyer in a similar circumstance as you will be signing an extension and closing whenever the bank is ready. 

Make sure the contractors are licensed and certified in that state if you are doing extensive repairs.  

Kevin Tran try Jon Saikin a great guy with extensive experience.

When face to face explain your needs to protect you as a wholesaler, etc you need time line extensions via after 30 days or after inspections  and  exit strategy in case you don't find a seller and the deal falls thur.

I know that some common terms are: 2-4 points, with an 8-15% interest rate, over the course of 3-12 months depending on extensions and such.

@Tom Kairys, one thing newbies miss is that it is much harder to get financing in the name of your entity vs. your personal name.You can get an umbrella liability policy and buy in your personal name, or buy in your personal name and then transfer to your LLC (risk the due on sale clause).All of these options have been extensively discussed on the forums and accessible via a few searches.

We were concerned with this all along and the reason we switched to this lender was because he said he could work around it because she became a teacher through a program which offers her a minimum salary and that he would use that.The seller didn’t want to give us an extension or do a lease to own at first, but his lawyer talked him into a 60 day extension.

I have got the bid on the property with the repairs required, but wanted to check in this forums on how to select the contractor based on the bids, Is it purely based on Price , or ReferralsThis would be the first time i would be working with them @Kyle Gray Thank you for the extensive reply , how do i get involved in the selection of items as the contractor is going to do the selection for us on whats required based on the bid submitted, Please let me know how i can get involved in the selectionThank you @J Scott@James Wise  i will check with some GCsThank you all 

Term extensions free of charge, and we have no loan to value limitations. 450 Skokie Blvd., Bldg. 600, Northbrook, IL, 60062