That is a lose lose situation. 

I stress this to you because it is very easy overpaying, being careless, or rushing into things when you think you have a lot of money and I observe this quite often.

You're losing more income than you're saving doing it yourself.

This is not good because who’s to say the business does good for the first couple of months then I lose my housing help I am receiving.

But there are hundreds and thousands of investors buying properties from wholesalers every year and it's pretty unlikely they are all losing money on themI'd also recommend getting multiple contractor bids.

We were going to take out a personal loan from our local credit union to cover the rehab costs, but family has approached us about losing us the funds.

But you are correct I could refi and pull out cash for that instead of losing the property.

That's $7K+ a year you are losing.

You should already have a company lined up that is going to provide your background check and credit reports for you.To get over that mental hurdle... imagine a scenario of getting burned and losing thousands of dollars.

Many sellers believe asking them to finance seems like a lose-win scenario for them and that they are doing you a huge favor.