Very first one I did I had to stay in and do the rehab because Freddie Mac slipped in a deed restriction the title company didn't catch until we went to do the second closing (they weren't same day, I was doing the loan and the lender was dragging their *** so I funded it for my borrower)You used to be able to double close, but its limited nowadays. 

So, primarily, I'm here to see if I can catch onto that way of thinking, and to decide if I should pursue this madness for myself.

Now that's not to say you would ever catch my house looking like that.

@Das Siva, @Aaron Mercer, @Simon Baker, @Deborah Tucker (can someone tag her I apparently don't have her as a colleague).I might be in Sydney for the latter part of February next year for a few speaking gigs and would love to catch up with everyone.It sure has been a while since I've been back home hehe :)Thanks

This gave me the idea to reach out to the BP community for advice on the following: 1.Is there a specific stage in the build that would catch the interest of a banker?

If they catch it or not is the issue.  

Is it best to offer a "subject to" type transaction to the homeowner, catch up her payments, and assign/rent/wrap/etc if the home doesn't meat the common 70-75% ARV minus repairs?

This property is off market and the seller is motivated (lost his job), so I hope to negotiate the price lower.Here's the big catch on this property.

Let's catch up as I am based in Herndon and see how we can help each other.

I don't know anything about the Peioria Heights rental market but the argument would be that a $30k home will be a "class C (or less) neighborhood" and while you may see good cash flows and rent at the 2% rule, you'll see higher turnovers, maintenance costs, and capex which will ultimately catch up.