Quote from @Eliott Elias: Deal first, find everything else laterFor your first flip, not having financing available to pull the trigger will result in more lost deals than wins . . . and this is from our experience as well as a number of others that we have talked with over the years. 

Still not seeing anything that would trigger a waiting period… your closing agent should be able to sort out how your names go on the deed…

If you can't pull the trigger when a deal comes up, waiting will result in you losing it more often than not.There are HMLs that will give you a proof of funds letter in advance of a signed contract. 

Hi John, The hardest part is pulling the trigger on the right deal.

This would allow for the property to be transferred into a structure for you two to work as partners while likely not triggering the due on sale clause.

@Bill Ward Definitely pull the trigger on making the move into a free rental and leasing out your current home.

I pulled the trigger and went into business for myself full time.

If you’re planning to do renovations, make sure your renovation budget falls below the substantial improvements threshold so you don’t trigger the need to bring the property up to current FEMA standards.

I've heard the quitclaim can trigger a balloon payment. ...has any actually experienced this or is it an urban legend?" 

“MORTGAGE RATES HIGHEST SINCE 2007Mortgage rates of around seven percent are the highest since July 2007, just before the crash that triggered the great recession.On September 27th the Federal Reserve raised the Fed Funds rate by another 0.75 percent, its fifth increase this year and third consecutive 0.75 percent increase.