What are some tricks you use to minimize the costs and/or speed up the process itself?

And so on, around in circles, two banks negotiating at the speed of a bank, each trying to cut their own losses, and both perfectly willing to foreclose...

., I to buy discounted notes from Colonial Funding Group (NoteSchool, by Eddie Speed).  

If you are handy, you should be able to drop one in for 3k, most of which will be plumbing and electric.The advantage of a half bath to students would be in the speed of rental.  

If the tenant breaks the lease the value in the addendum is added to any future collection attempt.If done correctly, in the right area, this can decrease the amount of turnover and increase the speed with which you take on new tenants in the event of a vacancy.

would that "speed up" the  3 year process?

By the way, are there any resources you would recommend that could help bring me up to speed with my renovation\construction knowledge so that I can at least talk intelligently with contractors about the work that needs to be done? 

@Patrick WheelerThere are no road blocks, only speed bumps.Financing real estate has probably never been more difficult.Finding tenants has probably never been easier.Here is my advice: If this is your first deal, make sure it's perfect.  

There are times when the speed of deal is critical, a good broker or HML can fund pretty quick and the benefits will out weigh the higher costs.

You'd think earning a new placement fee would be enough to speed things up.