After these documents are signed, I sign with another person, let's call him buyer of this property, "Lease agreement with option to purchase real estate", according to which the buyer undertakes:1) to make me a down payment (non-refundable);2) rents this property for 2 years (maybe 3, it's not important); 3) at the end of this period, gets a mortgage in the Bank and use it to buy this property (refinance) minus down payment; 4) if he couldn't qualify for a mortgage, then he moves out of this property, and the down payment he gave me when we signed the "Lease agreement" remains with me.It seems like a sandwich lease option, but not sure.Thank you for your answers!

For flips, figure out how much you need to make on a flip to undertake it and then make sure the numbers are not so tight that you end up making less than that.

One agreed to move on and understood the work I was going to undertake would need her to vacate. 

Mindset, attitude, persistence, etc. are important in any endeavor we undertake in life and biz.

This is a big undertaking with no experience.

It can be a big undertaking, but there can be good profits in it IF the numbers are right and the buyer has done their homework to know what they are getting into.

So, if I were in this position, I'd take a good bit of time to explore what epic undertaking could provide a challenge for the next several years -- and provide really fulfilling outcomes to as many people as possible along the way, as well as when complete. 

Doing so in a rented, furnished house is a major undertaking. 

It can be a big undertaking, but there can be good profits in it IF the numbers are right and you have done your homework to know what you are getting into.

This was an off market value add opportunity that we were very excited to undertake.