Seems everyone has different ways of doing it all so I'm not to sure It is a common misconception.

HUGE misconception.

That would've cleared up a lot of your misconceptions regarding the program prior to getting involved.First, its well established that tenants "making up the difference" is not permitted.

It's a misconception that a conventional mortgage would be a cheaper rate.

Cash-out refinances too, if you're sitting on a bunch of equity and want to be a cash buyer.Related, and where the misconception comes from: How Lender Overlays Kill Deals.

@Marissa Perez I think the common misconception is that wholesaling is the way to get into real estate with no money and no credit.

If wholesaling was fraud then wholesalers wouldn’t exist and needing a license to do wholesaling is the biggest misconception.

One of the biggest misconceptions I see is that the expectations of an investor is that real estate does not need regular attention.

Just to clear up a common misconception here...I've purchased about two dozen REOs (my wife is licensed and is a principal in our company, so she is the buyer also), and I know of about two dozen other REOs purchased by other investors who are licensed, and I don't know of a single purchase where the seller refused to pay a commission to the buyers.I know on a couple of the REOs we've purchased, the listing stated the commission wouldn't be paid, but ultimately we got the commission without any discussion of it whatsoever (and yes, we disclose that we're agent-as-principal).So, while there may be some situations where an agent won't collect a commission when purchasing an REO for himself, I believe this is pretty rare and really shouldn't be a major consideration when deciding whether to get your license or to write your own offers.Just my $.02, of course...your mileage may vary...

Well, I am here to share with you there is more truth than misconception when it comes to this growing gold-rush in real estate.