I am mostly interested in flipping and reselling homes and learning how to do this.

If this is a friend I would make sure if you resell the house "subject to" that you will not be tying up there credit and keeping them from getting a new mortgage when they move.

No you can't do a 1031 on properties you owned with the primary intent of reselling.  

The catch is that these programs will typically require you to stay a year before you can resell...

Basically, it's the common medium term note that is used to package and resell real estate debt on the stock market..

A lot of buyers began to bid, win and then not follow through and the cost of reselling became costly.

I'm still in education mode but getting closer to my first deal - reno/resell an entry level single family.My question concerns "advice" and "direction" contained within various educational sources (and not necessarily specific to my strategy but Im educating myself on various strategies) to "make tons of offers".

Like Robert Lett was getting at, nowadays, its just not as easy or profitable to short sale flip(at least in my market) and yes, you should expect to close/fund it before reselling it.

Rehab: Max offer 70% * ARV - repairs (hint $5k is probably wrong)Wholesale: max offer 70% * ARV - repairs (even MORE important to be accurate here because you have to find an investor buyer who will want REAL numbers, not guesses) - your desired profitKeep in mind if It's listed, you'll have to actually purchase the property & resell to wholesale.

Here you can buy a binder policy when you purchase, especially useful when you know you'll be reselling within a few years.