If they specifically need to cash-out to buy another home than seller financing is often DOA.As mentioned, if the have a balance on their underlying mortage- If they want to pay it off it might require a big downpayment- It is possible to leave it in place with a Wrap but that is an advanced strategy and while fairly low risk, the due on sales clause is a concern.On interest rate, my experience is that a seller finance buyer usually has to pay a few points above the going interest rate for conventional/FHA lending so probably closer to 7% these days although it never hurts to ask for lower...All of this is theoretical so the advice to chat with seller to get more information is the right next step.Jeff

That means listing by mid-July if possible.The market is such a hot seller's market right now that the timing won't matter as much as it would in a buyer's market, but it's still a good practice.The key to acquiring properties in this crazy market is to jump on them instantly. 

Redfin can give you the next best thing to MLS access... it's easy hunt down a ton of properties. if you're going to play the multiple agent route, call the listing agent of the property your looking at.

Also would I have to pay an attorney to look over my contracts before I start having sellers/buyers sign them.

Why not rent and get some roommates to cover most of the rent...... then take the capital you do have and either save up or find somewhere else to invest it.Around me (expensive area) not all landlords are into properties for the same price... if you hunt down a good deal and act fast you can rent a nice place far cheaper than buying it.

The market here in CA is absolutely brutal for buyers right now. 

Agent/Wholesaler reaches out to me to help her find a buyer.It’s not her listening.One of my Buyers said “pass”.

My offer - $925-950K  (no realtor involved)Closing in 30-60 daysI get it under contract, put about $30K into it for cosmetic fixes so its rental quality ready, and then assign the contract for $100K to an investor or family willing to put in sweat equity.Do a double closing and pay the sister $500K equity with the proceeds from the end buyer, I take my $100K fee, and sister pays my friend his portion of the $500K equity they agreed to. 

There are many newbie note buyers soliciting JV partners who purport to buying 5, 10, 20 notes as their experience yet have never actually taken any through to the end yet.  

HACK SUGGESTION: Almost all FHA loans are assumable for qualified buyers.