If your doing a partial on a non performing second with negative equity and it goes into BK then shame on you for taking that risk.

Yes sometimes it was messy but usually between the choice of 1 or 2 apartments a new person would get the idea that yes it was floor plan they were considering and were able to overlook the sometimes messy aspects.I did run across an occasional unit that was not able to be shown until vacated, due to terrible housekeeping but this was rare, and my owner knew then that I would have a vacancy until turned and ready to show.  

I usually highly suggest them getting renters insurance but if they want to take the risk that's up to them.

My opinion/viewpoint only, but a lot of TK are properties that have minimal/no/negative cash flow and are marketed to newbies.

Real estate investing 101.Hard money lenders usually lend 65-75% of the project cost, charge 12-14% and 2 points for origination. 12% fees is a huge red flag, the only you'll get from "Midwest Corporate Credit" is an ulcer from the stress of losing $7,200.Raising $60,000 isn't too difficult, if you talk with friends and family and maybe a real estate attorney or two you should be able to raise it.

Do you usually remove the vacancy rate from your calculations for a single family?

And if you have to close quickly (less than 2 wks) then conventional isn't even an option.This scenario does usually mean less out of pocket costs than putting 20-25% down. 

I have talked to a few people in the Real Estate Industry and have had mixed opinions as some say is a bad Idea to start as Part Time agent.I would like some Feedback either positive or negative if I'm heading in the right direction or if anyone has taken a similar approach.Thank you in advance.

I usually find them self-listing on zillow. 

If you do win the bidding war, and you found out it's not a good deal, you can usually cancel it during the review.