But the remaining balance would still be less Out of Pocket than closing costs on a conventional mortgage. 

You don't subtract profit after the 70%, it is included in the remaining 30% leftover.

Do you want to be part of a team or have an office and motivational meetings.  

We remain optimistic about our post-renovation valuation.

Besides owner financing the remaining amount, how can I get a second mortgage to cover the remaining $135k?

Now the balance amount is huge .... he said he'll pay some amount this month and will get a document signed by notary to pay the remaining balance in a month. n we agreed to it too .. now he is not answering our phone calls...no reply to text / emails... what should we do now?

@Tom Brickman ah, I think there are several pod cast episodes on this and other forum posts too and while it would take a lot to explain here I can at least sum it up.The BRRRR method stands for "Buy" "Rehab" "Rent" "Refinance" "Repeat".In the "Buy" step the investor targets properties that are in a challenge state from motivated buyers. 

I have a motivated seller in one of the best school districts in NY welll under market value.

If rates go down, you pay the change in the rate x balance x time remaining on the note (it is a very long formula that I can't really explain) but basically if rates drop you will have a penalty, if rates go up then you do not have a penalty. 

Gives the seller a bit more motivation to get documents over as soon as possible.