If the ARV was 85K and 75% LTV was 63K, and I had 58.5K on the HUD and I used delayed financing I could only pull out 58.5K (100% of hud or 75% LTV whichever is LOWER). so that means I end up with $5250 in the deal that I couldnt' refi out, unless I used traditional financing and waited 6 months.

Because I don't have a mortgage and not amazing credit I don't look great for a traditional mortgage through a bank. 

So I believe you will have a hard time unloading them in traditional note investing circles.Maybe market to people with SDIRAs.

But if I'm using private money to fund it as a "cash deal" then I wouldn't pay as much as I would if I were going to closing with traditional mortgage funds, right?

Insurance payout if there was an accident on the property, umbrella policy would pay beyond what primary insurance didn't pay.Take care of your property and your tenant and it is unlikely that you would be sued.I have heard that people move the deed into an LLC all the time as the property is still secured by the mortgage that you signed.

This was my primary attraction to having my license.

Your problem is that you may have trouble securing traditional financing because of your debt.

I took the class, passed the exam, got my license, and dove in head first into traditional Real Estate for about 6 months and didn't close a single deal.

Acquire outdated, fixer upper property North of Dallas as my primary residence using FHA 203K loan.a. 

The primary reason is I'm having a hard time following your math, the numbers given don't really line up - I'll get to that in a moment.