BUT RARELY do they want to learn this... when rates got to 15 to 18% in the carter years.. to keep deals working I had to give my commission to the sellers and take back notes from them so they got some cash to induce them to sell .. and the sellers paid me monthly  Usually half of the payment No interest until paid..

The lender MAY require immediate payment.

Lenders will want to see 6 months to a years worth of mortgage payments in reserves after closing.

As Matthew said, anyone that buys from a wholesaler without verifying the reno costs and the ARV is asking to be taken . . . . as the saying goes "Trust but verify".

I do have money for the down payment. 

My payment is $1000 with around $300 to tax and insurance.

No... we allow it to build trust and communication.

On a $1m mortgage, 6% is a $5995 P&I payment.

  - To get full tax deferral, you have to move all of your equity over into the new properties as down payment

Because you are living rent-free, have no housing payment, and no management history, and are buying this as an investment, you will not be able to count rental income to help you qualify, unfortunately.