Build a good track record and strong credit, as these can help you negotiate better terms.

I am looking to start with flipping homes and growing from there.

If not, agree they need to pay you with a different more verifiable method or you start the eviction process.I have had so many tenants with no bank accounts. 

We just completed Phase 1 and will start Phase 2 within a few months.  

Over time the balance builds up in my account and will pay for any damage or lost items as needed.I started this process about a year and a half ago for all 3 of my properties.

So, you could be stuck with that money tied up for the length of the wrap.If the Subject To teacher you learned that from told you this was a good idea, go get your money back.BobNot trying to start an argument here - just detailing my experience here.I agree with much of what you say. 

I would like to know how I should start going about this.

In a Seller Financing deal, once I start paying the seller the interest-loan + mortgage, the equity being built should goes to me and not to him correct?

Start by researching info on developing in MN, specific to MN because you mentioned water on site so MN specifics will have big impact on this.

Ultimately I think that a BRRRR sounds like the route I want to take, but think maybe starting somewhere else could be less risky so I can get my feet wet first.