Life happened and I needed to move out of the house and it just so happened a there was a house being sold wholesale  "as-is" a town over and my mentor suggested i buy the house and live there while i fix it up.

Please rethink your focus on buying near Disney just because it is near Disney.I congratulate you for being a high income professional. 

I'm having a hard time figuring out what contracts to use when buying with a wrap around mortgage.

Buy once, cry once.

The rate difference between FHA and Conventional is actually over 1% right now for Multi family propertiesCurrently the rate offered is 6.75% and 193/m in PMI (private mortgage insurance)That makes the payment with taxes and insurance roughly:$3453/monthTaxes were $3820, and insurance is $1800/yrCurrently this building can rent each 2 bed unit for up to $1800/m with tenants paying all utilities.All in cost to close is: $71,414.64If you rent both units for $1800/m you can expect gross cash flow of $147/mThis is the reality of buying a turn key duplex in the area using todays rates and prices.I want to stress, that this is actually considered a great property and deal in todays market for the areaYes, prices are high, and so area rates...My goal is to show what is actually going on.

You will be blown away with what you can buy for $10.

@Erik Estrada right now Amex got me at a special rate of 9.99% I’m talking to my lender right now on qualifying to get a loan to buy the property

I'm in the Chicago market and we are seeing a lot of multiple offers, bidding wars and aggressive buying strategies.

@Trey Campagna without knowing much about your situation I'd say the first thing to do is to use a VA loan to buy a primary residence with as little money down as possible and the lowest interest rate available.

The real question is what is the expected profit margin on the flip and what sort of documentable experience do you have.