I’ve been reading a lot about flipping contracts and I understand the concept, but I’m still confused about a few things.1.

If you don't understand that last sentence, do not even attempt it.

I'm just trying to understand if there is any situation where a passive loss (from rental property) can be used to offset personal (w2 or other) income.

Using other peoples money is a great way to keep you honest on the project as well keep the project out of your pocket.I thought funding my own would give me control but what it really did was hogtie my leverage and made me emotional in my decisions.There may come a time when funding everything makes sense, but even if you do a few flips with HML, you will understand the process, have a foot in the door and be positioned to act on ANY opportunity when it comes along.And having a bunch of your own employees just means that they are looking to you or leaving you if the work slows down. 

Yep, gurus pretending they understand the statutes of all 50 states is what is causing this nonsense.

I understand the title insurance fee itself may be set by the state.

SCOPE OF WORK: Basically, a lender wants to see that you thought this through and understand the costs involved.

I just registered, but want to make sure I understand the consequences of my strategy fully if I am selected.

Some areas those agencies don't even talk to you unless you have a number of units in your portfolio, which is very understandable. 

It is clear you bought something not understanding the risk.