It is within 60 days.From my FHA loan:"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy..."

What they produce in conjunction with the attorney's package is what is used to comprise a closing executed by the attorney. 

I think you have a brilliant value add and this will make a great post in success stories after you execute the plan.  

Right now I'd say the biggest risk is in execution, i.e. will the sponsor deliver the rehab and sale/refi in the time they say they will.  

I came to the same crossroad, was a very busy tech executive, was accumulating SFRs and small MF, but wanted to play bigger.  

Executive Summary:This ordinance would establish an interior residential rental dwelling unit inspection.

In summary, I think that you should set up the plan and trust them to execute it.

@Kim Bayless You are so vulnerable at this point.

If we go this route, we have never used private money and would need some help constructing and executing that part of the deal :) how does it work?

@Brian Jordan - Many thanks for providing a clear and executable answer.Is there any way to favorite posts?