The ratios get better as you do so to be a more successful agent pickup the phone more.

I kept jumping in and out of the pool and learned a lot of "Creative REI" methods although I was never able to gather the self confidence to put theory into practice.I served in the US Army for 14 years combined active and reserve including a tour in Iraq in 06-07 at which time my wife and I purchased our first home and instead of going with the REO that needed work we went with a more middle ground outdated but move in ready home at double + the price.

Once I show the numbers, I think you'll see why my question becomes how to structure the deal to maximize savings due to the fact that I'm buying from a friend, since those savings could help me get to 70-75% ARV less repairs and make this a more sound deal.

If so, do the deal, improve the property, and then refi with a bank in 6 months to bring your mortgage payment down to a more reasonable $2500/mo.It would be a decent deal if you could get traditional financing.

A more realistic goal would be 5-7 properties, which would still allow us to replace my husband's income. 

First you need to figure out how you are structuring the investment (JV, End Buyer, Beginning Buyer, etc) then a more relevant conversation can be held on the matter.Investing in Notes or whole loan mortgage assets can indeed bring deed good returns.  

I would like to become a more active member within the community and I am eager to contribute in any way that I can.In addition to being a hard money loan office, I am eager to become an active fix and flip / wholesale investor in South Orange County, CA.

Simultaneous closings are not an option everywhere, but a double closing is and although it costs more since you have two sets of closing costs and possibly costs of short term borrowed funds (typically called transactional funding), it is certainly a viable option and a moral and legal one at that.

Right now I have realtytrac, but looking for a more central based company.

I was thinking I would use a more professional letterhead than my yellow letters, use one of my company names, and pitch myself as a loan buyer who can pay all cash fast and can take over the burden of negotiating with borrower and/or foreclosing, etc.