Hence: wholesaling + taking ownership for a bit + full retail end sales price = "wholetailing."

With that said, you technically can refinance any time you want after you close because these conforming loans generally have no prepayment penalty.The other aside that I will mention is that you will want to make sure you have sufficient comparable sales in your area that will be able to document enough value before you spend money on a non refundable appraisal.

@Miho Y.If this is for a conventional loan the all the lender cares about is the sales comparison.  

After improvements are completed I would like to re-sale (flip).

Just know that if you buy now as owner occupant and then transfer to an LLC at a later time there is the potential for the "Due On Sale Clause" to kick in.  

203k is appealing and can make magic happen, but in hot markets (LA in the summer...) the house and the situation of the seller really needs to be a perfect match.In general you don't go find a house to 203k, you go look for any old house, coincidentally find a house that happens to coincidentally be a perfect fit for 203k, and then you start talking about 203k stuff.Typical characteristics:Too crummy for cosmetic flipper types to want.Seller more motivated by sales price than by closing quickly. 

Its a business negotiation , nothing is written in stone . but its the law of supply and demand . if everybody is busy , you will pay more , slow , you have more negotiating power .  

Numbers are good but want to understand what I need in place before I sign the sales agreement of what I need from the sellers along with do I rewrite the land contracts?  

My wife is a full time interior design/sales rep and part time realtor.

Sales contracts have an inspection and repair contingency where Buyer can have an inspection done and terminate the contract if any issues arise.