My spreadsheet also adds an additional strategy of substituting the mortgage for a HELOC. 

I often have time and material contracts and they send a bill monthly.I get completion dates too, with sometimes a statement that if supplies of XX are not available YY can be substituted or the schedule may be delayed. 

Though I haven't purchased a foreclosure from a substitute trustee before, I'm comfortable doing so, given my experience as a real estate attorney and my experience purchasing tax sale properties. 

Nothing is a substitute for doing your own homework in the source property records.

The paystubs show that the applicant is not salaried like claimed on the application, but a substitute teacher who clearly gets paid by the actual days worked and I inform the agent of such, and because she get variable pay I will need a W2 for her.Then she claims the other adult makes enough income on his own and his W2 is in the dropbox.

If the price remains too high, we wait until we get a buyer that makes an offer around where the bank wants and we "substitute" their contract for ours to get the house closed and help the owner avoid foreclosure.If the price is good and we know we will make a profit once we find our buyer, we crack a beer and celebrate.I was a lender for years and the last piece of our business is making sure that our buyer's lender has no seasoning issues (if they are not paying cash of course) and will go all the way to just prior to loan docs for us to take title.

Be sure you and your partner discuss this with your attorney and have a complete understanding of the personal liability protection the LLC will provide as you manage your rental activity.Understand that the LLC is not a substitute for liability insurance.  

I'm certainly looking into this more.I see a few people challenging this idea, saying that it's not a great substitute or competitor for refinancing.

There is no substitute for being hands-on.  

If you don't want to invest time, just substitute with money!