I'm thinking giving him $500 and if the work is too extensive for my budget to complete or if I am not able to secure financing, I will wholesale it to someone more experienced/cash heavy.

If there's no language in the addendum about resale then you're fine.I hope you already have the buyer lined up, because banks don't typically grant closing extensions and will want to close quick.

You wouldn't want to sell an established entity that you conduct all your business dealings out of.

RE is local and transactions should be conducted as customary in that area.

If a transactional lender is involved with any type of lobbying organization they would naturally promote further extension of their product and services, which means no dry funding.

I heard about this from my brother-in-law who works for the company and it is not public knowledge, at least without some extensive investigation.If I buy the property as planned I have 20K in profit from my buyer.

I have not heard of anyone getting nailed on it for over 15 years now.I would assume anyone thinking of conducting any new business would check to ensure compliance with applicable laws.

Buyer wants low down, low interest and longest term possible.Without getting fancy a decent contract for a decent property might be 10-20% down, 30 yr amortization, maybe 6% interest with a 7 yr pay-off (balloon).The possibilities are almost endless but best to keep it simple KISS.Refinance out of your owner contracts, or get some kind of guaranteed extension as soon as you can so you don't find yourself one day facing a balloon with a hiccup in unavailable financing.Long-term owner finance is the best thing if possible- not as likely.

You need a "MODIFICATION OF NOTE AND DEED OF TRUST"You need to describe the note,and deed of trust, made on such n such date, by so and so, payable to so n so, recorded in book xxx at page xxxxx in whatever county, State.You need to say that this modification is made for the extension of the original term of the obligation to such n such date and that all other terms, conditions and covenants of said note and deed of trust, unless specifically herein modified, shall remain in full force and effect.If you change payments or any other terms, specifiy the change.The modification can usually be done in one page and should be filed for record.

Yes, I'll use a template to design a good amount of your site, it won't be totally custom either.However, I will do an extensive amount of customization on top of the template.