Just make sure all transactions are clear and keep them in the loop to avoid misunderstandings, Working with your family its great, but all transactions and deals have to be treated as business, I am also just starting, got the LLC going and everything.

cool thats good to hear, however the other side of the story thats not really talked about by lenders is that if you have a lot of other properties in the area you are trying to buy a property "in" then it may be very difficult to purchase an eleventh financed property as a primary residence unless it makes sense for your given scenario.Often times this requires:- a Great LOE - letter of explanation- supporting documentation like relocation letters from employers, LOE's from family members, spouses, marriage certificates, mammograms (show increased family size), etc etc list goes on- your  track record with other properties, like did you buy them as a primary then switch to investment properties (underwriters test to see your past "integrity," with mortgage transactions).

First let me sincerely apologize to the bigger profit pockets staff, community (including @Kenneth B. since he actually asked about an update almost 2 month ago) and family for not staying on top of this rehab journal.Shortly after my last post, our office manager/transaction coordinator abruptly resigned causing a lot of the administrative load to fall back on me and my business partner.

@Michiel Hart  Very very simple just as james said buy the property already.. especially in those low value markets  I am assuming your talking about sub 50k properties with many wholesale deals in the 5 to 25k range.. if thats the case.. save the money up so you can buy them.Or find a transactional funder who will fund your deals into your name so you can legally sell themor find a money partner create an LLC have said LLC buy the property then resell.and of course to state the very obvious get a RE license and be realtor and earn commissions like every other realtor does.

This would leave you with cash and reserves for the take out lender to feel confident about transaction.

They will ask for bank account statements, and will go through them, looking for odd transactions.

When someone engages in a seller financing transaction, what are the standard stipulations? 

@Sam GarnerThere are companies in Texas that will sponsor you for a small fee and a flat cost per transaction...no desk cost or any of the other non-sense.  

I purchased an REO (that was remodled - rare), Short sale, and regular transaction all with FHA loans.

Based on the details of your transaction, you might be able to go higher if necessary, but don't end up doing this deal to enrich your contractor and Uncle Sam without keeping enough for yourself!