@Mike Nelson,You should ask yourself if an agent submitted 100 for you and let's say HUD accept 50 do you have the cash to close if not you burnt the bridge with the realtor and news travel fast among realtors say don't trust so, and so he has no funds to close.You should do your due diligence before you submit offer.Joe Gore

You could buy anf have a contract for the sale after improvements, use the sale price and use bridge financing to the closing, like a construction perm loan set up.

I was first licensed in Oregon and then after 4 years of experience in that State and moving just over the bridge into Washington State I only had to take the State exam.

"I an't gunna work on Maggies Farm no more"  Is the battle cry of BP.Be careful jumping off that bridge.  

There's also non-recourse bridge debt.  

I would definitely encourage to build up the LLC as 2 REO at Sherman Bridge Lending will allow for the highest leverage. 

@JH Bridge All good advice too!

If you were to stick-build to a high efficiency (i.e. offset wall with no thermal bridging, proper envelope sealing, and substantial thermal mass on the inner walls), your cost variance to a modular built home will be much smaller.

Next I researched the heck out of TK companies(my W2 job is in law enforcement :-) )...and landed with Bridge Equity.

DE REIAI invest right over the bridge in the southern NJ markets.