To summarize, my advice is that you can definitely make money building a house by yourself, I have known other builders that do it.

To summarize you recommend to just confirm equity and motivation and not do any qualification about what they would take over the phone.

$250K loan, 4 points and 12% ($20,000 per flip x3) $60,000 return on $250,000 loans in one year  that is 24% in one year.To summarize, I feel you need to compare a true real estate investment to the stock market to get a fair comparison.  

So just to summarize, you are presenting a good option for the masses, but it is not the best option for someone who wants to aggressively grow their wealth.

However to summarize; correct me if I'm wrong, as I'm sure you all will... lol. 

To summarize my findngs on this BP topic on Sep 04 '11 about NC, "...a Mortgage Loan Originator (MLO) in our state is regulated by the NC Commissioner of Banks and MLOs operate quite differently from real estate brokers.

Here are a few links for FHA min requirements...some short articles to summarize and a bunch of fha/hud details...http://themortgagereports.com/13782/what-are-the-current-fha-minimum-property-standardshttp://www.investopedia.com/articles/mortgages-real-estate/11/fha-minimum-property-standards.asphttp://portal.hud.gov/hudportal/HUD?

I'll summarize the key points: 1.

Add a flow chart summarizing the Exchange Process.

You've summarized the pros and cons quite well.