They're really easy to use nowadays, with pretty low expenses, and extremely easy to purchase through a discount brokerage, so you can save more of your money while diversifying over whatever base you want.

However, real estate business is not that easy, so learn as much as you can through online resources and then look for a mentor. 

Then the deals were easy to find, and I could get a conventional loan over the phone in an hour or so.

For example no repairs to cars, quiet hours, all dogs must be on leashes, bbqing rules, etc. 

If the fixes to make it go FHA are easy/cheap, just do it before the appraiser comes out.

You are clearing the 1% rule as it goes, but only if the numbers you have provided include the above.

Then, you will have to manage a rehab from out of state--not an easy thing to do.  

Wondering if there any golden rule for minimum bid on such home owner occupied HUD properties.

@Megan Bridgette,The answer to your first question is, "not hard, but not that easy".The answer to the rest of your questions is, "it depends ...".It depends what you expect from foreclosure.com.

I told them while chatting with them, that I made no exceptions for my rule that income must be AT LEAST 3x monthly rent.