I'm working on a property in Jacksonville, FlAcquisition $150Rehab 30k ARV 240kComp properties in the area sell within 30 days most under contract within a week.

Legally, what does your contract say?

That said, as someone who has done a few OF deals, the docs your attorney/title company will suggest you use depends on the type of owner financing: generic owner financing, land contract, lease purchase, etc. 

Hi there, Recently got a property under contract with my client that has some foundation issues that have been fixed.

Because a house purchase is a significant investment in one's life, it is worth your while in having a title attorney to ensure clear title and smooth closing, along with a good inspector to assess the investment property's condition, a good realtor that will protect you with the contract, and, of course, a good mortgage broker if you need financing for your deal.   

(All new accounts need to be two months old by the time you make an offer and go under contract - according to my lender).This seems like such a hassle just to be able to split the down payment on a conventional loan?

Hopefully the Seller is willing to work with you, and you can make a deal similar to that...also I would make sure I put a 180 days until close in the contract plus 2 - 90 day extensions. 

Generally i try and stay away from contracts and deal with straight purchases but given the condition of the house i do not have sufficient funding to buy the house outright.

If he doesn't pay you should be able to evict him for breach of contract.

New Affixed mobile homes under contract.