google "all inclusive Deed of Trust" fantastic CA document we used all the way back in the early 80s If I'm not mistaken though a wrap would require the 2nd buyer to also agree to financing terms; which would be the same as me (the 1st buyer). 

If you qualify, you could close on the loan in days.Home 2 could be an option for a fix-and-flip as well, but you would have to have another residence because these types of loans do not allow owner occupancy.

It is usually for the term of the mortgage.

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

However, my debt to income ratio with that home loan, and student loan doesn't look that great currently and I don’t have much for a down payment.

Try to get preapproved from a local loan broker or Co-op. 

If you can find a fixer at a good price, with room for an ADU, and the comps are good, then you have a deal.Are you planning on flipping or long-term holds?

The lender is pushing you to do this to get an FHA loan.

I would never do sub to for the purpose of holding long term rentals  ( at least personally) .

@Brian Rocha -Something to note is lenders will oftentimes slightly limit leverage on the purchase of a hard money loan or a "fix and flip" loan if you are doing borrower funded rehab.