My guess is that the seller is a little concerned about the whole thing and/or your (or the end buyer's) ability to close and just wants a little extra assurance for letting you tie up their property.In the end, whatever you agree to, just make sure that you don't pay the money directly to the seller. 

I am like a sponge and have the ability to soak up a wealth of knowledge in short time.

Look at your current situation and use it to the best of your ability, take advantage of it.  

But one thing I noticed among all top investors was the ability to be resilient-persistent.

I would think this would be an easy way for people without much online experience the ability to start their real estate investing business with an online presence.Is anyone aware of a business like this already in existence?  

A total rehab like you stated will always have it's ups and downs but the ability to ride those out, and keep focus through the months of potential issues is what makes for a successful rehabber.

Why would you take on another's problems unless you knew how to profit and had the ability to create and execute an plan that would produce a gain on exit?

Michael,I think you certainly have an advantage as contractor to not only understand costs of rehab and managing properties, but also the ability to control them and keep them rather low.

Credit limits are based a lot on income and your ability to repay the debt. 

It provides you the ability to do a comparability test to other similar buildings.