Purchase price 275K - seller is carrying 55K and the rest is financed through 2 of my private lenders and I will bring some cash also.

The interest carry will eat your profits fast especially if you struggle to get the project done and sold quickly.The best way to get started in REI is by wholesaling.

I would explore all available options with a creative loan officer before you accept no as an answer.If it's a no and you have no other options then take the other paths such as an owner carry etc. you asked about above.Just my 2 cents after 20 years in real estate in Arizona.

No part of the Premises shall be used at any time during the term of this Colorado Lease Agreement by Tenant for the purpose of carrying on any business, profession, or trade of any kind. 

How and when to carry out the eviction?

Your basis in your current property is a combination of your basis in the previous property carried over into this property, and the additional cost of this property. 

@Tchaka Owen That $84k is for all rehab and carrying costs incurred on the property.

I'm a buy and hold investor, so I'm picky about locations and try to buy cash flowing properties on streets that are likely to go commercial in 7-12 years after purchase, AND the seller carries the notes for 5-10 years.

I'm about to order some.Oh, and my mentor suggested I carry a clipboard with me. 

They typically fund both for up to 12 months but the deal has to be able to support the high carrying costs because you can't refi for 6 months and your LTV will be limited to 75% when you do.