When the contract is executed, on a traditional seller finance, the deed is transferred to your name and the seller becomes the mortgage holder. 

You stand to gain the same amount of sweat equity in your own home if you execute the same improvements.

Provided Resident has complied with all terms and conditions of this Lease Agreement, Resident may elect to terminate this Lease Agreement at any time during the term.In this event, Resident shall provide to the Owner an executed NOTICE OF INTENT TO VACATE (“Notice”).The Notice and all move-out procedures, including the return of any security deposit, shall conform to Policies.As compensation to Owner’s for Resident’s right to terminate this Lease Agreement, resident shall pay, on the day of move-out, to the Owner, an EARLY TERMINATION FEE, in an amount equal to THE GREATER OF a) two (2) months rent at the Monthly Rent stated in the Lease, OR b) two thirds of the remaining rent due on the balance of the Lease term or extension thereof (date of Notice to Vacate through the termination date of the Lease).I really don't want to get off on the wrong foot with this guy. 

Some folks use HML  since you can execute, buy, close, and fund quickly or sometimes the property is not in condition that would normally be financeable by conventional or VA loan standards, then other times its purely for speed to close (5-10 days or less).The advantages of VA are:- no title seasoning when doing a cash out refinance unlike FHA which requires 12 months and conventional requires 6 months to use new market value for cash out refinance to 70-80%LTV while VA does not (just gotta document rehab costs used to improve property).- VA can cash out to 100%  so if you have lower appraisal values this can help you exit the HML loan and extract more equity out of the house hack property, while if you had used conventional or FHA refinance you may have been severely limited value wise (appraisal risk).- VA allows for much higher DTI or debt to income - VA can be much more lenient on credit scores and VA underwriters are encouraged to help work with borrowers to help them qualify (this encouragement is not present on conventional or FHA)Hopefully that helped, let me know if you had other questions. 

In cases where tenants do not show, and the default judgment is entered, it can still be a few weeks before the constable can be present at the property to execute the writ. 

@Jordan Capps if you don't understand the process well enough to explain it clearly then you probably don't understand it well enough to execute.

A business partner and I are planning to launch a real estate fund where we take investor capital and execute the BRRRR strategy.

Somewhat new to REI but I don't think hard money can close that fast and can title search be fully executed in 3 weeks?

After PMI i find it difficult in my market to find anything that cashflows, i am helping a couple clients at the moment execute a house hack in Central Oregon. 

I feel like I’m able  to execute a mid size apartment complex with some more research .