And regarding the HUD consultant, you are correct they are only required on the Standard 203k but should be used also on the Limited 203k so that everyone, including the contractor, knows what will be required by FHA.

Congrats on the SFH's.

My thinking is that a builder could leverage the seller financing to construct a home without traditional acquisition financing, sell the completed property (likely well before the 3-year term ends), and the seller would be paid off at closing of the sale.

The savings from either will be many times the cost of the lawyer.  

Quote from @Melissa Lindsey: The other thing is that the seller did not disclose cracks in the foundation on his Sellers Disclosure sheet. 

You will not see it in the short run.

Flood insurance is the elephant in the room. 

If the owner is deceased, then the heirs need to be notified also. 

All the agent does is submit the offer, escrow provides all of the prompts, and Docusign makes it so easy.

Old man died and the wife wants to sell the portfolio.