I had actually received a response from @Brandon Turner after my post regarding this option and he did inform me that this option for reanalyzing a deal from a previous report is indeed an option for Pro Members only.

Then a couple months after we moved in, we received a letter addressed to us the new homeowners from the city saying that they had re-evaluated the home value and lowered it to a certain amount which ended up lowering that year's taxes by about $1000.

The note can be made more marketable by using an RMLO service who can document the file- the seller acts as the underwriter in approving the financing, but they will verify rent and perhaps in this case put together some non-traditional credit sources and income documentation in trying to establish ATP (Ability to Pay)   The seller could potentially sell the note at the closing table (likely around 70% of the Note Value.) 

BP community, I have found a person who is willing to do private lending for my first fix and flip. The individual is going to fund 100% of the purchase.  From there I'll be funding the rehab.  We have already negotia...

And what type of agreement, documentations, contracts, etc. should my friend and I be signing.

Not saying there are people doing this but as you said I would imagine even more profit to that lender on the closing cost fees and of course the interest only payments he will receive due to funding 100%.

This was a probate property that took 40 days to get all of the signed documents back on.

ILLINOISTitle companies, lenders, and attorneys may conduct closings, but only attorneys may prepare documents.

Hey Ben- this doesn't directly answer your question, but you've already received some good advice above.

But if they are seeking to hold a property for any length of time and want their cash investment back there are some important rules to understand with conventional loan:If you buy a property with cash (or with a HELOC) you can receive a cash out loan on Day 1.There is not a 6 month waiting period with receiving a cash out loan if you purchased a home with cash or with a HELOCBUT you will be limited to the amount of....Your purchase price + closing costs (costs when you purchased the home)OR75% of the “After Repair Value”...WHICHEVER IS THE LOWER AMOUNT (super important)These rules are important to understand so here are two examples:Example 1: If you purchased a home with $50k of cash, and put $30k of renovations into the loan, and the home was worth $100k. 75% is $75k and $50k is your purchaseprice.