You typically need up to two years of stable employment before a bank will loan to you.

Make sure you talk to a Banker or Loan officer that is well versed in both SE (Self Employed) income and also Non/QM programs.One tip I will give you as a Banker is open up a "Business Checking account" and for the next 12 months pay "Everything" out of that account. 

Doing a 75% 1st mortgage and 15% heloc or heloan would likely give you better cost of funds all around.If this is an investment property, you can do 80% cash out refi using NonQM loans such as DSCR loans, but at a higher cost/rate than if you stick with 75% loan to value. 

Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?

I guess I dont understand what you asking.are you asking can a buyer cash out your equity and just take over your seller financed loan.

You have to do some more research.Are you saying 200k in cash so you could spread that out among multiple downpayments or 200k via a loan?

If you're confident you can find better cash-flowing deals or scale your portfolio with leverage, it could make more sense to reinvest rather than pay off the loan.

The investors put in $100,000 and he took out a hard money loan for his part.  

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

What would be considered the easiest program for small hard money lenders to use to track loans and history and sending out 1098 's?