I would also like to see what the possibilites are of becoming a Hard Money lender at some point  but first I think I need to learn the business before I even think of lending out funds.

The reason I want to seller finance the deal is because I would really rather not tie up all of my funds into one deal.

That can work.I'm wondering if you can somehow creatively do this deal where you pay an extra $5000 for this new condo, but have $5000 held back by the seller for you to do some kind of upgrades, but then just use the $5000 to pay down your original condo so you can get to 80% LTV in order to drop the PMI insurance and refinance at a more realistic rate.Is that HOA monthly? 

I have the ability to fund deals and share profits in order to learn to flip.  

If it's not uncomfortable for you, and if you have someone you know with the funds, you can use a friend or relative's money in a private money deal.

Then you can control how the funds are invested and put them to work in real estate, private mortgages, etc. 

Dane, if both you and your wife are part of the business then both of your can roll over each of your retirement accounts (with the exception being Roth IRA) into newly setup Solo 401k plan and use those funds for alternative investments.  

You could even put a LTV clause in such as balance due shall not exceed 80% of amount owed by the purchaser. 

I specialize in managing investors/hedge fund portfolio's that invest in Memphis, TN.  

A hedge fund?