Your parenthetical reads to me like you don't want to just borrow the money, but your description doesn't look like your friend would play a management role.  

I have rentals but I never list them on craigslist where I have found my pics and descriptions for fraudulent rental adds for my homes.

From your description of the property, am I understanding that it has two units you can rent?  

I think that's a pretty fair and accurate description, @Rob Cee

Pulled this link from the internet regarding a description of contract for deed, which looks like what you are describing.  

I don't know that I totally agree with the description of hard money vs private money that @Matthew Nixon gave.  

Nothing seemed to be like the descriptions and pictures of the place that I had seen prior to actually visiting the property.From the pictures I had seen, there was some work that needed to be done sure, but it seems like they were strategically taken to make it seem like there was much less work to be done than the reality!

If it's a lender we know nothing about, they strongly encourage the buyer to at least do a phone application with our preferred lender so we know that the buyer is good.For this particular property - make sure you have fantastic pictures, reduce the price to your contracted price, and talk about that in the descriptions.  

Although, he may not quit claim to you if he can find his own buyer who will give him more than you will.Also, the bank shouldn't be able to go above initial loan balance unless there is a description of fees.

I think it would be of benefit to our entire community to find a detailed description of a recent flip, complete with numbers, pictures, and more, here in our real estate success stories forum.Lastly, It's my belief from the tone of your post that you intend to follow the letter of our terms of use but perhaps not the spirit of the community here.