Now if this would be a second home it is a different decision you have to decide if you have carrying costs whether it is worth it and subtract those off your projected profits.

I need to be able to leverage my money for acquisitions.I am not an expert, but this is what I would do.Use your cash for 20% down on a property with Hard Money and then refinance after the rehab to cash out and carry on to the next deal.

Does Michigan carry those laws?

Not accounting for closing costs, carrying costs and such, it would seem you profited $140.5 unless there is some math I am missing here?

Most standard purchase and sales agreements have a pre-printed addendum for seller carries. 

Seller makes their own rules when they carry the loan and offer this to potential buyers

You should probably advise them to carry their furniture back down before they have the knewl post "fixed" and get it over with now.  

I'd see the need for a GC to reduce carrying costs if I were flipping though.  

I have no one to blame but myself for not participating in financial decision making, carrying credit card balances, being ignorant of our retirement savings and mortgage details, having no personal plan for my own financial future, and never creating a budget.

I have the opportunity (and cash) to lend 33K on a mobile home that is worth 37K.  I would have a promissory note recorded to guarantee the payments from the homeowner who will live in the home.The deal would be for 9...