I also get annoyed with the rehab loans however they can work out really well.

The first one is probably out of your reach...the second one might be something you can work out if the seller is motivated and kind.

This deal has more hair on it than just QCD:original owners were foreclosed upon by Fanny Mae;then the property was transferred or sold by Fanny to this bank;the bank has been sitting on it for 4 years and finally decides to sell, butin addition to QCD they want cash only (not even hard money);10% earnest money deposit - I have no problem with it if I can get it back in case the deal does not work out - but they allow forno option period and no contingencies of any kind!

Records show it is owner occupied but who knows there could be a tenant there...I hope to have a cash for keys deal done but want to get started on judicial evictions ASAP in case it doesn't work out.

Funny how things work out.

If and only if the numbers work out for your current residence, you may consider renting that out to a tenant and then renting a much less expensive place in which to live (closer to work so you can get rid of one car and its related expenses?)

For me this would work out to a breakeven point of about 8.5 years. 

Has things pretty much cooled off from all the oil work out there?

Not sure if that's what happened, so I apologize if I am wrong.A friend of mine has reached out to me about RE and we still have to work out our strategy on paper and figure out exactly what we both will bring to the table to make this work.

If you don't have the money be prepared with some numbers that work out you can offer an owner financing option.