@Jeremy Cohen,Double close ( A -> B -> C ) is illegal in most areas these days, thanks to it being so badly abused by short-sale flippers (I won't name names).You will probably need to to do two closings back-to-back: A -> B, B-> C.

Not bad for a deal that you didn’t spend any money on! 

I want to build with  lowest cost and good quality, but his fees build on the total cost. 

Lost tens of thousands, and set me back several years... very bad experience.  

You get the good, the bad, and the ugly here.

Letters are without question a numbers game for sure (assuming you have a quality list and decent enough letter).

there are many mentors / coachs on Bp that will charge you for this information. which is not a bad thing if it helps you succeed in your business. if your looking for the free route go to the REIAsMentoring is hard.. some folks probably love it . myself I could not think of something worse to do..

I am trying to decipher the anatomy of a PoL deal gone bad.

With that being said, if you want to be 100% hands off its not a bad way to start.  

There may be some special restrictions on rental units.From that perspective, they're not necessarily bad.