Getting the money is about 100x harder than drawing up the paperwork.

How much time should I realistically allot for application/background checks, walkthrough, paperwork return, deposit and first rent collection? 

You can hire a transaction coordinator to handle the paperwork (they can't legally create contracts, just chase signatures). 

And I am very good at it.So, you are correct, the average note investor does not make those kinds of returns, but we have and I have the paperwork to prove it...I will happily show you docs to prove it if you really require that to believe...I also said Average 150% so there are those with higher and those with lower...Just to be clear.

I used to agree jay but after our most recent transaction with them they aren't a fair intermediary they represent the buyers yet claim not to on transactional paperwork and also use their network against builders. a little manipulative.

I would say the biggest challenge was completing a whole house rehab and the paperwork for the 203K loan.

The paperwork was legitimate, what they used the money for was not.   

Combine that with local agent to "push paperwork" for you and you'll buy the right property. 

The other suggestion is good, but get them to sign the paperwork immediately and pay you the penalty. 

The experience of the housing provider is going to be the real challenge to getting you a set of keys to move in with...they have to qualify, pass inspection, sign a bunch of paperwork, and finally lease up and send everything into LMH.