If they paid with 3.5% down on an FHA mortgage, and got the loan at the then-market rate of 6%, and made no extra payments, they would still have a remaining balance of $92k.  

When you're ready, here are some good DO's and DON'Ts when getting bids:DOWrite out a detailed scope of work that outlines exactly what you want to do.Clearly define what (if any) materials you will buy and what the GC will supply.Get multiple competing bids.Check GC references, call past clients of theirs and possibly even ask to see their work.Closely analyze each bid and ask a lot of questions on things that are not spelled out.Ask each bidder for an anticipated schedule for the work to be completed.Ask each bidder about their desired payment terms.Sign a contract/written agreement with the successful bidder.DON'TWaste people's time if you're not serious about hiring them.Walk the job with competing bidders at the same time.Assume that all GC's will see the work happening the same way.Pay large sums of money in advance unless it's justified.  

I simply had a down payment of 25% of the totality of the loan (home price + renos).

How much would it cost and can I include it in the monthly payments by the TB.what costs would i be looking at for a contract review by an attorney?

Is there a specific type of payment method to be used?

I can barely justify the payment the way I'm figuring it, and am hoping perhaps that isn't the way the math should be done. 

$125k = seller financing option 1 (down payment?

Welcome to BiggerpocketsYouve come to the right place for help.there numerous threads and podcasts on getting started.Many start with savings for down payments

William Lees  also what type of  funding for down payment is  this ?

:)This house is in Birmingham, AL and I am trying to wholesale the propertyThis house is listed with a realtor on the MLS for $79kARV is about $75k and minimal updates / repairs are necessaryThere is $68k remaining on the loan balance, but the seller is behind a few months on the payments and might have to short sale it to the bank (does this even make sense, I'm not entirely clear how short sales work?)