Also do I send yellow letters or should I send a more sophisticated typewritten letter?

It might be the cynic in me, but I tend to think this is because MF makes no money off of either of these investment types, and view them as a competitive threat to their fee-based news letters and stock tip sheets.

Before closing I would have the seller write a letter to the insurance company telling them to change the name of the insured to the trustee of the trust effective on the day you plan to close. 

Most of the loans i have inquired about are 1-2 years with interest only payments every month and balloon payment at end of the term 1-2 years.

The CFPB's website is good, also going directly to HUDs website and searching the many mortgagee letters will give you an idea of the rules in place for FHA loans.

I have sent out letters to owners before by researching the tax records, got some responses, but everyone wanted way too much.

The lease states that they waive the right of notice in bold letters per state law.So since they waive the right do I still have give them 14 days for them to pay or can I go ahead and file for detainer warrant now ?

Please make sure that you read the entire approval letter.

For example, providing a toll-free telephone number or a detachable form with a pre-printed address is a reasonable way for consumers or customers to opt out; requiring someone to write a letter as the only way to opt out is not.The privacy notice also must explain that consumers have a right to say no to the sharing of certain information - credit report or application information - with the financial institution's affiliates.

I am curious as to what to say in the letters.