My question is this: Would it make sense, or is it possible to buy a house with a Conventional 3% down and turn right around to resell it...use that cash from the resale to put down the 20% on the next property that I will buy & hold...and just go from there to begin my portfolio?

Most lenders, although not all, intend to resell your loan after they close on it, which means it needs to meet strict criterias that are pretty standard across most of them.Now, your options could be to:* Go to a non-conventional lender, but be prepared to deal with much higher rates and closing costs.* Explore the commercial properties route - where they look more at your downpayment + ability of the property to service the debt, rather than your W2.* Do the house under your wife's name (if she still has a W2)The first 2 options will either mean high rates or high amount of funds down.

Even though there may be some conventional financing available, realize that many lower middle and lower income people cannot qualify for a conventional loan in doing a creative seller back note will solve their problem and provide you cash flow.As long as you qualified your buyers and they have demonstrable steady income, I see no problem in being able to resell seasoned paper.

Or just rehab and resell.

I mean, understanding I may not be able to qualify for a mortgage at this amount irrespective of renovations I would still like to make said renovations and (if nothing else) resell it immediately for potentially a six-figure profit. 

Do you think its a factor to buyers (i.e. let's say when I want to resell the property in RI specifically?

I’m very energetic and understand the concept of wholesaling because I was a reseller for about 6 years selling servers and switches.

Looking at the website one thing that jump out at me are:"Glastonbury Thorn is a certified buyer and reseller of mortgage notes" - Can you ask him who he is certified through?

I would be the one who finds the house, makes the needed renovations, and then resells it.

Your letter is probably signing a deed over to them so they can 'fix' your problem before they quickly resell it and disappear with the money.