If that is the case, then you will be paying on the capital gains taxes of the sale.  

He told me that he always gets the seller to pay though. 

if it is just the financial side holding you back - let your bank be your partner… or see if you can borrow the money from a family member who knows and trusts you -  without actually partnering with them on the control of the deal itself (pay them interest - or even bring in on the lien to secure their position the first time) - but let them be the finances and you control the project. 

The QI is just there to receive the money from the first sale and pay the next, so that you are not taxed on that transfer. 

He's going to pay boot tax anyway. 

To me, that's just taking advantage but people will pay what they will pay.$1k UW - This is within the range$1k Legal - This is within rangeAdditional costs - title, appraisal, property insurance (~$2k)10% of renovation estimate as contingency due at closing.Renovation funds issued on a reimbursement basis for work completed. - I never, ever heard of 10% of the renovation funds due at closing and I've closed 100s of bridge loans with many different lenders.I think there's way, way better terms out there but I do not know your credit, if it is good these terms are way off.

Living there I happen to know several tenants aren't paying and there is no restaurant currently there and hasn't been for years. 

We are paying for commission for agents instead for sellers paying that.

Or he will have to pay a lot to buy it down. 

Sell your properties and pay the tax.