If the loan slows you down, then cash all the way.Another consideration is capacity - if this is your only flip, then no reason to pay bank fees / interest, just do it yourself.

The HOA is currently at its Owner/Occupant capacity and the rental rights do not transfer. 

Buying a house for 200 k and selling it for 1 million is not illegal as long you are not making false claims,it is sitting on a oil field,the city is going to buy it for 2 million As long as the person has the capacity to enter into a contract without ,mental illness, intimation etc it is perfectly legal.Poor judgment or sour grapes about a purchase can lend itself to lawsuits,but the fact is this is the way the market works .

The reason is lots of investors try all kinds of wacky things to get a deal closed versus the more traditional real estate of buying and selling residential homes in a normal home seller / home buyer capacity. 

I don't know your states laws, but in some states it is unlawful to practice real estate in most capacities, without a real estate license.

@Verna Doniza  what the person is alluding to is taking advantage of a seller in a licensed capacity... its all about disclosure... the cost of a license is minimal anyone who thinks the cost is a hinderance or the yearly is thinking very small ...

I work for a real estate tycoon in NYC serving in the capacity of a leasing manager for a multi-unit/multi-building portfolio, past 8 years.However, I personally do not own and are looking for strong markets within the tri-state locations to venture off into for long term investments.

In some states RMLO can operate on their own in a broker capacity and in other states RMLO must work for a licensed lender.  

I see the firm, IRA Financial Group (http://www.irafinancialgroup.com), offers direct CPA services in addition to helping setup accounts - does anyone have experience working with them in any capacity?

I love that you want to max out the rental capacity of this place, way to think like a entrepreneur!