We are REI pros and do nothing other than manage our own properties full time. 

Somewhere around the 4th or 5th week mark, they mentioned that the seller owned the property on a land contract and that we needed that contract and payoff.

@Susan McBride,With your question about rental income, yes it would be rental income because you aren't titling the property over to them until they are able to get their own loan.

But if you aren't raising rents every year, you're eating into your own profits. 

I have agreed with the owner of the property which he owns 100% free and clear to do owner finance.

There was no hesitation on our part... we own 37 doors (bought between 2018-2021) and managing our real estate is our full time job; but I want to offer you a corollary as to your "why does everyone wait" question... which is to say, "Maybe SOMETIMES they should be waiting..."  

You can always get a PM after that if you are not successful doing it on your own. 

We have always got the permit after we own the land not before we own it.Is thishow it is usually done with HM lenders ?

I currently own eight doors with 2 properties being duplexes.

Hello there, I own a 5.10 acre lot in Texas, near Fort Hancock, I'm interested in swapping for land in SoCal, Arizona or Nevada.