For instance, I'm not big on "rah, rah" clubs for me but for other folks, maybe a more social environment to learn and encourage them works.  

For instance, what does it mean to hold both a note and a mortgage?

One instance would be buy a house for 40k put 20-30k realistically sell it for 100k(being beyond generous with these calcs, the perfect world scenario).

I've changed my flipping strategy to higher-end properties that require extensive renovating because there's less competition in that arena because they mandate more capital and longer hold times.

If that does not work for you, filing for an extension is not super difficult.

To begin, the house needs extensive renovation because of some major structural and cosmetic deterioration.  

All of those reports will need to be ordered by the lender, so as not to create a conflict of interest.In terms of the contracts, unlike for the single family residential there is no set contract, however, there is significant paperwork requirement and various HUD applicable forms that need to be executed.The biggest pitfall is that an FHA transaction takes longer to close than a Portfolio, Fannie Mae or a Freddie deals, since due diligence is much more extensive in regards to you and the property.

@Steve S. as an investor we need to have the ability to perform a fairly complete, but not extensive property inspection.

Is that the wiser way to go in your extensive LO experience, sir?

There are still some deals to be had in Garden Acres (which isn't really SE...) for instance, and that particular neighborhood is within walking distance of the College Mall and the new Whole Foods grocery.In any case, good luck!