I have a property I have under contract.

We have been flipping and assigning contracts in Columbus, OH and are looking into development. 

And when they get into contract, they will use you for the detailed home inspection and repair estimates. 

I personally just purchased two SFR and have a 30 plex under contract, so do not have the cash to purchase my self. 

Then I would fix & flip the property.So, There really are only two options I can think of. 1) Find an "off market" property that you can take "Subject To, on a "Wrap", or a "Land Contract" or a "Lease Option and proceed with either Fix & Flip or Buy & Hold or sell to a Tenant Buyer (my favorite).2) Find someone on the mainland that you can Joint Venture with in a market your finances can afford.Either way, you have to start somewhere.

3- does it make sense to set up the contract as 12 months to repay where the lender will just get the cash flow from the property up to the 12th month, then get some sort of bonus interest if it takes longer?

How would I go about figuring out the contracts and protocol?

@Sean Graham, I recently had a tenant who was non renewed and they didn't pay last months rent so they had a deposit for their new place.I am in the process of taking them to small claims court for breach of contract where I will ask judge to also have them pay my costs to file and serve them assuming I win.If you receive a judgement and they still don't pay them you can file another form to garnish their wages.I don't intend to make garnishment a hardship so they have trouble paying rent at new place and will be open to a 12-36 month payback term, so long as I am made whole on rent and fees.This is my first time going thru the process so I am uncertain of outcome, although I have a paper trail for rents paid and unpaid, and texts from them admitting they were not going to pay.Here is a helpful link.http://www.ag.state.il.us/consumers/smlclaims.htmlBest,Ashley

and I guess some tenants who don't know any better....Yeah I guess that wouldn't really work unless the PM was an old school bully and pushed the tenants for the "late" fee each month.OK OK OK, you're right.... no sense.I guess I was thinking about a few contracts I took over where the limit to contact the owner was $400 and the PM ALWAYS had a $375 - $390 maintenance fee each and every month. 

You can't sign an option to buy contract with her as long there is a previous lien on the property still in place (the bank).