My dad was a land developer and sold 99% of his properties on seller carry back.. and he sold a lot of them not uncommen for him to have 300 to 500 properties sold annually... he had a bevy of note buyers who bought his notes.. and they scaled up EXACTLY as you describe.. but its not easy to find short term fully amortizing notes of small denominations .. or at least on improved properties..

What would you describe as the pros and cons of each? 

Is there a book or a page on this site that describes the step-by-step process?  

Jacob,I've came back to this post 3 times now trying to come up with good advice for you.First time I tried to answer without knowing what your investor partner's goals were and there were too many variables to account for.Second time tried to give a parallel by offering up the structure that my business partner and I have, but it's not the same as the scenario that your describing.  

In this example, the performance bonus would be directly or indirectly based on the terms of multiple individual loan originators� transactions as described in � 1026.36(d)(1)(i), because it is being funded out of a profit pool derived in part from mortgage originations.

You might hear someone describe it and say "that is exactly what I want to do and now I know how to do it!"

I just want to clarify, I am no expert and would like feedback from other more experienced investors on the plan I had described as this what I have been doing.

There are quite a few treads here on Bigger Pockets describing the pros and cons of each software as well. 

As you gather up all your documents, take time to make notes on post-it's to describe what's in the document.

i received an email from a local wholesaler today whom described the property as needing only "$40,000 in cosmetic repairs".