@Brian Moore The property was not an off market property, but it was "soft-marketed".  

I just give them a soft offer over the phone to see how motivated they are.

. $10K leaves you no margin for error in your construction costs plus it doesn't take in to consideration all of the soft costs like insurance, taxes, interest etc that will be incurred while you're doing the rehab with no income coming in.

This is what he said.The refinance can be done, you do not need to quick claim the deed to your personal name, as most of loan or refinance in this case will be done with personal guarantor (you).There are other options, you can simply go to regular bank and get a home equity line of credit or go to soft/hard money lenders to get quick refinance against the equity of your house.

There's nothing wrong with "Walking softly and carrying a big stick".You got this right for sure: "Like any business, it comes down to people, process, and product.

As a person who owned her first home at 18 and has a 20-year old now, I have a soft spot for these younger folks just starting out!

Plus you'll want to pencil out the expected capital expenses (prep & grading of land, architecture & engineering fees, cost to build, soft costs, working capital) and offset against the estimated revenue - when it is operating as a stabilized Facility. 

If the seller objects to the EMD staying soft, he may not be a DMF seller after all and is just looking to swallow your deposit money. 

I would buy the paint so that I control the color and the brand/quality, tenant would supply the brushes, rollers, etc. 

Could I go out, buy paint, rollers, drop cloths, tape, brushes and find some old clothes to paint a showcase house with just a couple extra runs, a few extra soft spots and some not quite as good lines as a pro in about 215% of the time?