They carry lots of insurance.

I know that I am giving up money.There is obviously HOA and other carrying cost, how long do you list before you sign a temporary lease?

If you are going to flip the house most of the above would pertain as you don't want to carry the property for a lengthly amount of time.

In practice, they should conform to conventional mortgage and notes, but probably be as simple as possible.As a borrower, I am securing private financing primarily in two forms:1) Vendor Carry / Vendor take back - Financing of up to 5-years, preferably interest only, carried by the vendor on the property.  

and also noted that you did not mention about any carrying costs - am guessing because they are insignificant in the larger scheme of things? 

I carried this philosophy through to my wholesaling business.

I had a friend who recently lost out on a business opportunity because he had no assets to leverage and secure with a mortgage, even though the business venture is sound and profitable from day one...and he was putting 20% into the business himself and getting 10% carried by the seller.

If your purchase plus rehab costs end up at 70% ARV and you get an HML for that amount at 14% interest with 3 points and interest-only payments until sale and you carry the property for six months, your numbers play out this way:Loan Amt: $88,200Carrying Costs (w/o Loan): 1% ARV x 6 = $7,560 (this may be high)Points and Interest (3% + 7%): $8,820You end up losing $16,380 of your margin to financing and carrying costs.You should end up with around $20k in profit depending on actual rehab costs, holding time and closing costs.

CLOSING DOCUMENTS: I understand there will be additional closing documents to sign and upon receipt, agree to sign and deliver the closing documents either into Escrow or directly to Buyer, as Buyer may direct, in a timely manner. ________ 13.

I believe that this is what @Bill S. and @Kelly Sennholz are also saying, but in a slightly different manner.