(newbie here) 10% NET income based on cash purchase.

with ground up construction you'll usually see 50% of the land providing 100% of the construction . no income no doc and first time investors as well  

Someone else I know who has a high W2 income was audited and had to pay penalties and back taxes.

Have your income statement both actual and projected, real estate owned, your detailed plan for going forward, have your FICO score, tax returns. 

Worrying about property management is small issue in comparison to letting a tenant in who faked their income and past rental history!!! 

I'm not looking to self manage for a while because I need to get a one year lease on this property for my personal debt to income ratio in another primary house.

If you take the rewards in cash back you need to claim it as income.

NY will tax you on your NY source income.  

@Mike HernThere were 5M housing transactions last year 83,000 involved some form of seller financing.85% of those were by people who only did one transaction.The above is seller financing and is not all sub2.How many deals are people really doing…..Source: advanced seller data services

I am seeking to purchase BRRRR properties for long term investments as well as fix and flip opportunities for additional income in Brevard County.