Although if you are working a very competitive, big market in Texas, then you may not be able to get away with just that small of an option fee.

There is competition between me and my older brother for the 5 plex.

Under 30 days is pretty required in today's market given how competitive it is so many lenders have upped their game to get there. 

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

You have to find a deal with enough meat to satisfy a flipper (which in these competitive sellers markets is no easy task) and then enough meat remaining for your profit/fee.

Also, they should give you a heavy discount if you are still moving ahead with the transaction 

Nice professional town with great schools, but that means you get a ton of competition from owner/occupants when you buy.Some of these other towns north of Frisco chances are you will get a more blue collar clientele. 

I could probably write an entire book on screening tenants but at the very least creating a set of house rules that everyone agrees to is crucial.E -Expect and Embrace a High Turnover Rate – In this method of management, your largest competition is the big-name brand apartments, therefore you need to be prepared to do what they aren’t willing to do.

We put in a strong competitive offer with an escalation clause and won the bid because of good closing terms even though we were the second highest bid.

If you track them down, less competition.