That's one of the pros of having carpet is it's simple to replace.

You could still work out something but it isn't as simple as if there is no loan at all.Finally if I read the last bit right you are saying you could try just getting them to finance 20% to cover a downpayment.  

I think I need a Mortgage Note Purchase and Sales Agreement and a Mortgage Assignment Agreement along with my simple assignment contract which I already have...

I enter them manually, in excel first then it is as simple as copy and paste.

If it were only so simple.

You would be surprised how long something as simple as providing general applicant information will take...Something that I did not do with my first rental property (great lesson learned) is to ask for concrete evidence, e.g., receipts, of the current tenant's previous 3 to 6 months rental payments.  

In simple terms, your gains get transferred to the new property and continue to grow tax free until you sell the new property.

Simple preference aside, renting is easier and scales more easily than flipping.  

The answer for me is pretty simple...

I am agree with @Katharine, simple first then upgrade when you need it.