that make sense, thank you !

I am sorry but this makes absolutely no sense.....Also, any builder who has to be paid every week is a huge red flag.

So there are definitely times when owner financing makes sense. 

The FHA and 203K loan approach makes a lot of sense, especially with the potential for equity and cash flow.It’s encouraging to see someone who’s taken a long-term, strategic approach to building wealth.

The "land basis" cannot be depreciated, so your depreciable portion will be lower than $350k.We typically consider $1 million in building basis as a rule of thumb where it makes sense to evaluate the potential benefits.

Now knowing my MAO, if they counter, I just look to that MAO, does the deal still make sense? 

Testing the entire BRRRR process to see if it's the right strategy for me long-term.building equity through rehab and build out will be best achieved with a lower priced cash purchase---typically wholesale. or word of mouth. depends on the region though. lots of ways to hunt for good BRRRR candidates, but hunting on the MLS typically wont get you low enough prices to make sense....My brother-in-law, who owns a landscaping company in Lee’s Summit, works with a lot of local builders and has been a huge help...This sounds like a great resource for finding subs that will do the work for you independently. most subs can do other types of work as well.If you’ve worked with trustworthy contractors or subcontractors in the Jackson County/MO area (especially those familiar with investment properties), I’d love your recommendations.

-Being able to give your tenants the professional experience of timely responses, quick attention to maintenance, using the on-hand already vetted roster of vendors, providing a sense of formal hospitality and customer service... can be worth the management fees. - Staying compliant with various tenant laws and fair housing policies is also a big factor I hear a lot.

@Chris Mahoo, rule one of investing: if the investment only makes sense because of the "tax advantages" it is NOT a good investment.  

A deal this small wouldn’t make sense as a partnership unless the original intent was to scale and grow together assuming this deal works out.In regard to the financing, if you can’t get it on your own without someone else’s balance sheet and income then it would be very difficult to untangle that partnership since he’d be a personal guarantor right along side you.