Also, I'd bet it unlikely that another lender will do these crazy deals on new loans.

IMO, your best bet here is to inform them that you will refund the amount of their deposit as is warranted by the condition of the property on September 30.

Joshua Dorkin bet you're too busy simplifying to take on this project.

Finding a good mentor sounds like a safe bet for flipping your first few homes alright.  

Globiflow is probably my best bet I think.

If you can't raise the money I suggest you chalk it up as experience and move on.It wouldn't hurt to fully disclose your plan to the lender, if you can show the ability to carry off the plan they may allow it to be brought current, but if you're not solid as to ability and experience don't bet on it.

If your numbers are solid and I mean rock solid it might not be a smoking deal but I bet there is an investor that would put it in there portfolio. 

But there's a time to buy, a time to build and a time to sell; given the evidence how much of who's money do you want to bet that we're still in the first part?

Do they seem like trustworthy people?

Your best bet may be a pay site, like ListSource or whatnot....