After these initial goals are accomplished, then I am able to set the bar even higher and go up from there.I read the Ultimate Beginner's Guide to REI a few times and have a fairly good understanding of the basics, which leads to believe that my goals can be accomplished a few ways.My question is: What would be the best way to go about it?

Soji Oyenuga:Would you please post a copy (or give a link) of the letter that the investor uses to initiate the strategy you outline above.Thank you,Sr Adm 

I also disclose to my buyers what I have it under contract for initially to see if the push back on my assignment fee....

And I would highly recommend the second approach.The problem with the initial approach is you need 20-25% down to get the loan and you cannot refinance it until 12 months after the initial purchase.  

I would want the mortgage to be based off of the new appraised value and not the initial purchase price (after I repair it) so that I can take advantage of the 20-25% equity I have in the property and have minimal or no money out of pocket. 

We don't pay the $20 unless they score high enough on our initial scoring of the application and we've had a chance to call prior landlords and employers and they seem to have potential.As far as relying on data someone else has pulled, I would be open to that if we can log on to get it, not accept paperwork directly from the applicant, where it could be tampered with.  

(The reason for wanting to take this approach was addressed in my initial question at the top of the page.)

This way we can go over the lease together with the tenant filling it out in their handwriting.I have the tenants initial after every addendum.

Initially I thought that I should juggle between two jobs until I could get my real estate business to a steady place.

Using a live answering service might aid in capturing vital details initially.