I am part of ULI, and a lot of experienced real estate developers I met that have been through 2-3 market cycles are cautioning the risks of development.

Personally, I would show the seller the proof of funds, offer to close faster for a lower price.

I'd start by asking your lender/underwriter if that would satisfy their need for proof of your rental amount.

If they're wrong, show them proof that YOU are able to close on this thing. 99.9% of wholesalers have no ability to close on a deal like this, nor do they have any clients on tap who will.

Would like to learn more about this.Do you advise maybe introducing myself to a realtor with proof of funds, credit report, and criteria (no track record at the moment)?

The house is listed for 50,000 but sold in 2013 for 120k. the hurricane that came through in September messed alot of houses up. marines always relocate to this town from all over and its a constant cycle of marine coming in and out so selling it will be somewhat easy but the problem with this house is that it needs a lot of work , my main concern is the mold problem. 

and we only pay interest on drawn funds not the commitment.. that's not huge when price to buy is 100k and rehab 30k.. but it when we do new construction and own the lots free and clear.. and loan is 300 to 500k that we take down over a 6 month build cycle. saves thousands in interest. 

Once I complete the cycle of buying and selling, I will then be able to know exactly what it takes to buy, flip, sell.

@LaKeisha ChaseI am relatively new to this as well, but from what I understand it is very helpful to have a list of buyers who have proof of funds available before getting a seller’s house under contract.

But I actually like them.Look into deer-proofing your yard with particular trees, shrubs, and flowers.