We optioned it for 5.5 million and each annual payment is 100% goes to principal so no interest carry at all.

I have 375k into the deal, rented the property for two years at a 140kgross and will pay the owner off that note in about 11 mos. the property is now around 650-700k. depends on your situation but for the nominal difference your talking I say go for it but if you're leveraging the upfront you need to cash in the overage for the appraisal and vice versa if your cash up front then have the seller carry a note from my experience- it also shows that the seller believes in the project by doing so if they won't carry a note separately id potentially walk but thats because we do mostly cash deals and the inability of them to believe in what I am willing turn me off to the deal when your talking about this gap

Their financials are fine and they've never had any trouble carrying the mortgage but, as missionaries, they do fundraise their salary so I think that's where the bank is getting stuck. 

in my experience over the decades were I have done quite a few owner carry and quite a few sub to.And we were doing wraps back in the carter years when rates were double what they are today.

Although I do have a friend who went through the whole process with his dog and there is actual official documentation he carries around.

How long will you have to carry the debt before you have enough homes paying lot rent to cover a 400K loan.

My fees are on the low end because I only manage on Okaloosa Island so I can personally go to each property and carry very little overhead.

“Any unused charitable contributions can be carried forward for five years,” McGuff says.

Quote from @Carrie Copenhaver: I started with a subject to flip.  

Anything that is over the determined rate can be carried forward until it is utilized.