Yes you will have to set up a contract, usually that is something to approach if the property wouldn't be sold otherwise most flippers want to get in and out of a property as quickly and with as little hassle as possible.

But they can be a great option that provides in many cases a much superior return to the cash thrown off in appreciation rich/cash flow poor areas like SF Bay.

Getting "free rent" will not make you rich.

and a quick 5-10% correction wouldn't be out of the question.

I have the opportunity to buy a property with owner financing and 20% down.How quickly after a purchase could I refinance out of that Owner Financing to a traditional mortgage?

Depending on how hot the market you are targeting is you will need to be prepared to move quickly when a property you like comes on the market.

I understand that there's a bid process with the general contracter for a 203K and I wonder if that would cause issues with the wholesaler's timing with the current homeowner in terms of how quickly they are commited to close by? 

@James Peterson Welcome.Some quick pointers 1) it seriouly helps to have a profile picture 2) add in your profile your city, there are tons of people on here from your area probably and it will help them connect with you 3) what are you looking to learn about?

Quick numbers: the house is on a .09 acre lot, the house is already 2156 square feet, and the property is an R6 which the floor area ratio states the square footage of the house can only be 55% of the lot (.09 acres).

One thing I noticed quickly was as conversations went on people would offer a business card.