Or does this "average mortgage" only apply to houses with a mortgage?

@Carla Harris, the borrower's credit is always a consideration when applying for any loan.

I have applied to many, many real estate investing companies in the area and sadly I am feeling lost as to what direction to move into. 

There are arguments in the lender world as to whether or not the 120 day rule applies to non monetary default (Like if the guy was just late) but most lenders take the conservative approach and just wait the 120 days until the start foreclosure....and yes, that could get you in and out before we could take action.

I HIGHLY DISCOURAGE ANY INVESTOR FROM APPLYING FOR OR USING SHERMAN BRIDGE LENDING.

Limit how many times you apply for credit to avoid a large amount of inquires that will hurt your credit score.

Every week we meet on the south side of Chicago and look at properties to invest in - every time we look at a property it is not speculative, we're looking at them to decide whether or not we're going to make an offer.Group philosophy (who knew Bruce Lee was an ancestral CAI): Knowing is not enough, you must apply.  

I have started applying some of the the things I have learn from BP and several books.

They do not apply to $500K + homes with $3000+ rents in a market with effectively zero vacancy. 

. $100 minimum investment is typical on Title III portals which has not been applied to real estate yet.