I am considering doing a creative financing agreement whereby I will sell my home to a buyer with a $20k non-refundable purchase option. 

I like the non performing side.   

This is my first time dealing with a lender like this.

A Certified Public Accountant should know! 

Too many lenders?

Tutorials  emphasize the need to do due diligence on all the following:--check for taxes and liens against the property--find out which taxes and liens, if any, will remain attached to the property--make sure it is a buildable lot--to do above, you need to establish how the lot is classified for code purposes, and access the lot specifications, minimums the lot must meet for construction to be allowed--you further need to find out what its sewage situation is because 1) municipalities have different lot minimum specification for lots with public sewage and lots with septic; and 2) if the lot will require the construction of a septic tank, you need to take that into account in your decision.

Hello I'm curious if this strategy is theoretically possible to expand super fast wealth as below:For example, I buy a rental property for $70,000 in cash and then immediately did a cash-out refinance to get $56,000 in cash (I know usually it takes 3-6 months season to cashout refi, but as long as one lender is able to do refinance it) I then use $24,000 of the $56,000 I borrow as a 20% down payment to buy a $120,000 rental property.

Or should I just send them a letter of non renewal of the lease?

The big thing is letting your lender know if you switch it from personal to LLC.

Primes setup makes it extremely difficult to access capital from lenders.