Also was wondering how quickly this process normally is of obtaining equity?

You could send them a normal purchase and sale agreement and where the buyers name goes just put " and or assigns " after that. 

During those weeks, what do you do to find leads outside of your normal channels?

Is that normal, or does that wave a red flag?

As a contractor I always prefer a full gut but it does eat away the rehab cost and takes longer but no stress about plumbing, leaks, electric, lead paint and etc in the future.The patch up would cost less, fast timing, but then you are gambling with what's behind the wall and hoping nothing happens in the future.I assume most house that are purchase for BRRRR purpose are in distress/bad condition and old on some occasion.What rehab number would you go for?

Up to 5k can be collected from the program if your section 8 tenants cause damage that your deposit doesn't cover.I believe the deal is you have to go to small claims as you normally would but if you win the government will honor the judgment not the tenant.  

I see a lot of owners are emotionally disposed to hold on to their home as a renter but it's normally not the best use of your capital

I normally take pictures for the report and write a report with photos.

I make it more appealing by offering a refund at the end of the lease if there is no detectable pet-related wear and tear, including that which might be considered normal pet-related wear and tear.  

As far as macro and micro market goes a certain level of over leveraged financing is normally one element that exist in bubbles.