I do understand that there is some time constraint from selling the property to buying a new one, but I wanted to know more details about what it really entails.  

So it entails that either you're there almost 24x7 or you completely trust your "boots on the ground" (aka property manager). 

Did you ask him about the "agreement" and what it entailed?

Also, it sounds like the lender would be in the first position, which hopefully entails that the note would be backed by the property. 

My spouse is a Physician, and I do have an appreciation for what the profession entails, including the risk of malpractice.

Anyone have any insight into a rehab like this or what the cracks might entail?

I would love to meet with hard money lenders in the Atlanta area and pick your brain on what all this entails and hopefully form a great partnership to help me finance the first deal (or 2!).

The contract should also have a Scope of Work attachment that outlines exactly what the project will entail and the estimated cost of that work. 

This entails walking a neighborhood to talk to homeowners about selling, calling these homeowners, emailing them, sending letters, etc.

Not sure what the "IN REM" entails when it comes to an automatic stay.