I am getting myself ready to buy 2 foreclosures early next year and I wanted to see what recommendations ya'll have for me on this subject I know I can make money on them in the area I will be buying but what draw backs are there ?

@craig garrow  These deals do have drawbacks.

This is a key drawback of using an IRA custodian to provide a Solo 401(K). 

The debate about the benefits and drawback of this approach is like Ford v Chevy.

Too late to undo that but it is a draw back financially that is only going to get worse.

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

But anyways, the drawback to having one checking account is separating the funds if there is a judgment.

This way is a quicker fix but comes with its draw backs also.  

The drawback that I have seen so far is that I cannot restrict the property manager to being able to see only the properties that he manages for me (i.e., if I want him to have access to the account he will also be able to see other properties that I may own but he is not involved in). 

Because there's still a few drawbacks IMO on FHA - the PMI never goes away and if you refi then the rate may be way higher and closing costs again have to be paid, versus conventional the PMI goes away once you hit 20%; the inspection you have to pass for government loans.