I ran across this story and am racking my brain on how I can make this a win-win deal for everyone involved.

Best to ask your loan officer because there are so many ifs, and but whens involved in qualification guidelines.Not sure why your relative doesn't want to disclose the terms (tax liability?)

@Deren Huang is one who's highly involved in Tulsa area, and also is an investor himself, if he can't help you, he can definitely recommend someone.As far as signing, no, they should be able to set up a "remote closing" for you to sign locally to you. 

@Greg Neuman If you do what you're proposing on land contract, you wouldn't be technically refinancing in the bank's eyes, you would be purchasing at that point.Personally, when purchasing with seller financing, I don't like to ever purchase without deed transfer, or at least using a deed of trust. 

Here's my situation:My first flip, so little to no experience,  in the eyes of hard money lenders.

What you say are some of the great things to weigh; is the cost of the 1st month's rent worth freeing up my time of screening tenants, doing showings, and anything else involved in the placement process?

Growing up my parents had a few rentals so I had some background, but my involvement mostly consisted of helping to clean, paint, repair, etc. to get the house ready for a new tenant. 

We didn't look at condos recently because of the high fees and risk involved but we do own condos in Wisconsin that do well.

All of the third party providers involved in the transaction have the responsibility of making known any part of the transaction that has been misrepresented once the misrepresentation becomes known to them. 

The Team Leader at the local level will be your best resource for all the details involved with being a part of the Keller family.