Looks like the proper first step to me.

Your tax advantages in such deals are:1) Pass through depreciation of the asset during the holding period.2) Pass through write off on mortgage interest during the holding period.A properly structured deal should make any income during the holding period essentially tax free.

Answer: to ensure the applicant can afford to pay rent every month.Question: Do these applicants meet my income requirement?

I would never close without the proper inspections and disclosures though.

I still don't have a method for finding good employees and ensuring they are putting in their time.  

That means calling other agents, relocation companies, and investors that can close to ensure you get top dollar for the property.

The proper response that a realtor should say is "even though this hasn't been getting any action for 60 days -- if you low ball an offer, the selling realtor will let everyone know so it doesn't sell too low".

@Greg, Probably judicial foreclosure on deed of trust to secure assumption (usually of the spouse that got the house in the divorce gives the other a lien to ensure the mortgage gets paid). 

Sometimes it can be hard to figure out why someone succeeds and another fails at it.97% of small businesses that fail, do.so because they are not properly capitalized.

However, in NC if you want to get any sort of private money loan, you'll need to ensure: 1) The property is non-owner occupied and 2) It is owned by an LLC, or other entity.