Flipping Problems Using A Mortage Comp.

I had a deal all set up sold as 1 property 2 lots (deeded seperately) 1 with house not in good shape, (we did not plan to fix up much only a little paint, clean carpets, basics and roof plus electrical work estimates, it could be lived in while worked on)and one that had a house years ago (burned down) nothing now used for extra ground and parking area, both 100 x 40 lots, would be able to sell other lot or put double wide trailer or modular home on it. It was up for $90,000 when I veiwed it and owner dropped price to 80,000 after agent told him all we said was wrong. We offered 76,000 got it accepted, papers weren't signed yet by owner we signed. I got pre-approval for a mortgage for 90% lender and 10% us at 7.9% 30yr. We only had enough money to do the closings etc. We were using a credit card at 1.9% (good until Nov 1st 03 at this rate) I figured out all the opptions we could manage it if we sold the house quickly, we did a roof and electrical estimate and we would use this $4,400 est. as a concideration in the sale or offer up to $4,000 towards closing cost. If all worked according to plan.... We could profit between $5,000 to 12,000 after all costs and taxes were taken out, depending on how much the lot sold for. We were going to put the house up for $89,900 and sell for 85,500 or lowest 85.000. The basic lots were selling for !2,000 to 20,000 in same area same size. Found out all sewer and water could be reopened and used. Now all of a sudden the boom drops!!! We knew using the credit card for the down payment was not the wisest, but you got to start somewhere!! Then when I told the mortgage guy I work with about selling it, we heard about FLIPPING!!!! We would have to rent it and keep for at least 12 to 24 months. We couldn't even use our corporation we didn't know that either!! Also we heard about a PAPER TRAIL problem too...I gave all the info. to the councelor I work with they told me nothing about any of these problems!!!! I tried and tried to figure how to do the deal if the rate went up to 14.9% con credit cardand I didn't think we could hold the loan too long wouldn't be able to switch to another card easily with all the held debt, we couldn't find an investor quick enough, and we couldn't take the risk so we dropped the deal!!!!! What a shame all for lack of knowledge and funds!! My councel said when I asked why do didn't warn me about all this he a said "You didn't ask!" How are you suppose to ask about something when you don't know the questions? Thats why I hired them!! Can anyone shed some light on what to do about flipping? How would be the best way to go forward, I know you are suppose find the perfect senerio and use seller finance or get a partner, but this has not been so easy in New Castle, Delaware yet. Help please, sorry about length of SAGA!!! Thanks a lot for any help!!!!!