I always thought that the assumption of mortgage meant that they essentially replace me as the initial party paying off the mortgage and now they pay the monthly payments and have the title.

Thanks a lot for the replies @Chris Mason and @Gregory SchwartzOur lender said we can do a bridge loan but its around 11%.. id bring in 20% downpayment max, dont want to put too much personal assets into it and the issue is for yr1 w low rents and renovations its def a monthly -3-4k loss. def want an 8% or lower rateNot sure if lenders are ok with an initial cashflow loss, once its renovated we can have market rents and its a great deal after. it listed at 1.495M and we'd offer 1.2-1.25M. i understand the living in part doesnt necessarily bide well with investment focus, but for us thats a big appeal that its in a nice area to even live in

During on such session, the presenter (a sponsor) spent the hour describing all the trials and tribulations of being a sponsor. 

Usually your reserves for those categories will range from 25-30%, although maintenance & capex should initially be minimal since the home is new.

Looking at lots listed for 15-25k in Texas satellite towns to initially hold then eventually build class A/B duplexes. 

The debt went away initially (foreshadowing...).Fast forward about 2 months and I get a notice in the mail for 6 months of assessments from before my ownership. 

Start doing category 1 items right away, provide notice and do category 2 as soon as you can and finally prepare and get ready to initiate category 3 items based on your ability to handle them. 

In San Joaquin County (CA) it's taking up to 2 months for the court to process an initial filing of the UD action (they do notify the tenant of the action). 

The city is very open to this setup, with a clear permit process: $500 initially, plus a $100 inspection fee.

BTW I regret having posted the initial question.You don't regret posting it, you regret hearing the feedback.