The seller of the new home simply waits for the other property to be sold to collect the amounts due them.These are conventional approaches to bridging funds from one property to another, not a screwy thing to do.

That is, they would then own the Note and Deed of Trust or Mortgage made between you and the rehabber, and would then collect the 14% payments.This could be accomplished with a simple straight note between you and your lender with a clause that says, in effect, if you default, they get to replace their name with yours on your loan docs to the rehabber.

Went to get pre aproved and sadly, a collection on my credit for 6000, won't let me get approved: ( ,from bad roommates 5 years ago.

If your able to get conventional financing (by that I mean 'Bank' financing, not private or HML) then my opinion is to sell the condo and buy at least a duplex so you have housing that's partially being paid for via rent collected from the other side.

We have now started collecting rent, and what to set up the capital contribution we both put into the LLC to purchase the property as a personal loan to this business, with the net rents paying this loan back to us. 1) Does anyone have such a promissory note they have used that they could share?

Originally posted by @Sid Shankar:@Delia Lopez so did u end up working with andersonNo, we have everything in a LIOT (Lifetime Income Only Trust aka "medicaid trust) I figure if "Uncle Sam" has problems collecting...

If the wholesaler is doing a double close on the transaction, the agent will get no fee and therefore she must collect her commission from you. 

Disclaimer: I've only ever dealt extensively with houses that were a maximum of about 50 years old (built mid-1960s). 

I didn't spend and extensive amount of time with it.

In January it will have been 6 months since the starting of collecting rents and 5 months into the land contract payments.