They are BY FAR the best resource for newbie Real Estate Investors to gain a wealth of knowledge in the shortest period of time.

Particularly with Fannie/Freddie/HUD REOs, they have a bias towards owner occupants and a 'first look' period in many cases where they won't even consider offers from investors.

Omaha and Des Moines have never really been on my radar for NE and midwest areas I've periodically considered.  

I've only done 3 small residential deals so far and those were companies that had proven track records and I was investing in a portfolio of homes and not just one asset.I am alarmed though by the amount of deals that get funded in a very short period of time and it makes me worry about the future of CF.

Unless HUD listings need enough rehab that they can get bank financing, you're almost always going to lose out to owner occupants during the 15 day period.

If yes, what are the typical time periods?

What should I ask for before option period ends?

I just finished reading this article by Frank Defazio (http://www.biggerpockets.com/renewsblog/2012/11/08...) and he states that after a period of time you can move out of the property and rent out of room you were living in to generate a higher cash flow.

I then retain their keys with a tag on it for a period of time in case there is ever a question if I changed the locks.

Also, if you have any other loans, consider refinancing them before your two year period is up.