We have an FHA loan and I don’t think I’d qualify on my own (not positive).

We have an FHA loan and I don’t think I’d qualify on my own (not positive).

Also some lenders allow the seller to hold a second position lien for the last 5%

Now, I am in a position to take the next step.

If you decide to sell the home look for an apartment deal that instantly provides positive cash flow. 

For us, we want all the expenses paid for plus positive cash flow.

The assignment contract can be a simple one page document.I've heard of wholesalers who don't want to show the actual purchase contract to the end buyer, but don't let them not show it to you because when you sign the assignment contract and agree to take over his position as the buyer and purchase the house, you're essentially agreeing to whatever he agreed to in the purchase contract. 

Instead, look into a 401k loan, Stock Loan or work out a deal with Grandma and get her a HELOC at P+1.00 so she can make the loan as 2nd mtg lender on that property and give her a 10% interest rate return AND have it recorded in 2nd lien position to keep the rest of the family from freaking out, etc., etc.

It helps position your offers.  

I'm in a similar position as you.