I'm purchasing it for $103k and after repairs it should appraise at $150k after 1 year (or less) of seasoning.The plan is to have him occupy using an instrument that will allow him to refinance after 1 year.  

That's music to my ears. 

You will need both of these documents - the security instrument (either a mortgage or Deed of Trust, depending on your state), a promissory note, and you may potentially need other items, as well - again, depending on the laws of your state.In my personal opinion, a loan with only origination points and interest is much easier to than a loan that gives the lender partial equity or a portion of the profits.

Hey @Tim Illguth For a wholesaler the contract is an extreme important instrument to structure a wholesale deal.

Any debt instrument will need to be non-recourse, at least with respect to his IRA.  

The other units will pay your mortgage so you can spend your money on more important things like musical instruments and accessories. 

It's like musical chairs and when the music stops, the one left out loses. 

Another thing that will be really helpful for you to do is pull up the mortgage instruments against the home (hey, as long as your at the county, why not?).  

Quitclaim is a type of deed that is generally used to transfer property rights from one individual to another without any warranty.definition from Google, you can easily obtain definitions by doing the same search on the Internet:"A quitclaim is a legal instrument which is used to transfer interest in real property.

Are you a music teacher, a plumber, a stock broker....that gives us some idea where you might "enter" investing.