It can be done - similar to the ever-popular BRRRR model. 

But the contract itself has a stricter timeline.I'm not entirely sure what you are getting at.You say "Right, but if there is 17 day inspection period and Sellers/Agent provides TDS on day 17" ... all this does is give buyer additional time to cancel since buyer has a certain period of time from receipt of TDS to cancel.If your goal is to give seller additional time to cancel then giving them the TDS on day 17 will accomplish your goal.The inspection timer starts upon sellers acceptance of purchase contract.Also, I'd have to go back and read the contract, but I think if anything 'material' pops up whether from inspection, TDS or otherwise buyer gets additional time to either cancel or seller to fix.

In what instances would you consider doing this?

@Aaron Porter it’s not bad, I think you could get around the 5.5-5.7% neighborhood on a 30-yr fixed residential loan right now.

Eventually I'll gradually move along to Fix & Flip, moving into Buy and Hold any many other REI ventures. 

If neither of you have experience with remodeling/fixing houses, then I would say its bad advice.

We will be paying the entire cost of the place over the next 17 months from developper.The most likely plan is to take out a 10-year HELOAN at about 4.5% fixed on my primary house in CA which has a large equity to pay for the property over the next 17 months and then amortize that over a longer period of 10 years.

After that, you can consider the BRRR model but you shouldn't do the reverse given down payment requirements for loans.

Don't build a business model around low interest rates and you'll be fine.

.- Landscaping, add nice garden up front, trim trees, remove overgrown vines from house siding- Remove old walkway and replace with new right angle walkway to driveway instead of street- Fix up front porch, new concrete probably- Repair any problem siding- Flooring has some unevenness, joists in crawl space/basement need to be added or adjusted.- Exterior paint, interior paint - HVAC and water heater appear new, roof appears new- Interior has some water stain marks, replace drywall patches- Replace kitchen with modern cabinets, granite, appliances- Oak floors downstairs hopefully can be refinished- Replace carpet upstairs with composite flooring or nice carpet - stairs are carpeted!