Of course, there are analogies between Scrum and a contractor team -- the "Product Owner" is the house owner, the "Scrum Master" is the GC or project manager and the "Development Team" is the contractors -- and the planning and communication requirements for Scrum have some general best practices that apply in many other areas (including rehabbing), but the analogy doesn't extend much past that.The overhead associated with having Scrum Planning Sessions, Daily Scrums, Sprint Reviews, Maintaining Product Backlogs, etc. is just ridiculous in any typical house rehab scenario, and unless you want to triple the time it takes to rehab (and likely triple the cost of your contractors based on the time they'll spend on-site), I wouldn't recommend trying it.Now, the person you're getting this information from most likely took the Scrum model, and pulled about 5% of that model out and said, "I'm going to apply this VERY SMALL subset of Scrum techniques to flipping to make my contractors more effective." 

I believe that with the FHA, our downpayment would be 3.5%, but I am unsure of how interest rates will be calculated or if credit will be extended at all to us as we are young, even with our education and earning potential in mind.  

Another factor to account for is any seasoning requirement that that the conventional lender might have before being able to do the refi which would extend the time of the HML loan.

I guess it was mentioned because my agent kept stating if we initiate the extension request, I could be charged and the earnest money would be deducted from my EM because it looks as though we need the extension and not the seller.I have decided to extend 10 more days and if they need more time, the closing costs would be up for renegotiation as I have incurred expenses due to not closing.

I see the benefit of extending out to 30 years to keep my cash flow higher.

But know if the contract needs to be extended, that is not an issue."

Here are just a few benefits of owner financing over getting a bank loan:You get to negotiate the terms (duration, interest rate, down payment)!

After a car accident put me out of work for an extended period, I shifted careers to Insurance.

Maybe you could get a better deal by offering them an extended closing.Use the 1031 process as a reason to get to know the seller and their representatives better.  

Petersburg/Clearwater area is known for its fine quality of life, recreational activities, and progressive community business atmosphere.It is part of an area sometimes referred to as the Sunbelt, which extends into the Orlando area and contains numerous vacation attractions, including Disney World, Sea World, Busch Gardens, and beach area resorts.Hillsborough County is geographically located midway along the west coast of Florida.