It seems that relying solely on Lines of Credit is extremely risky and possibly unwise. 

I have some basic construction experience so my main concern is getting the electric plumbing etc.

If so, I would say he is right to be concerned.

Mr.Jones,Thank you for the reply and providing a direction to go in concerning this.

However, my concern is that if I purchase all four as separate entities (which I think is the smartest way to go so I can sell later with no problems), the closing costs of each individual purchase (total of four) is going to be crazy.

But, my concern is what is the " statutory or legal duty of the servicer" and can I put the loan pay off back where it was prior to the modification without paying for a fraudulent loan.

@Ethan Schneider, as you become familiar with the questions that Lenders will ask you, you'll realize more and more that it's their comfort level that you need to concern yourself with, as well as your own.

Raleigh is extremely headed.

I had been concerned that they would hike the tax base to offset presumed tax base losses elsewhere in the county, but that didn't happen. 

Foreclosure is extremely state-specific as well as county-specific and sometimes city-specific, and you need to study the process carefully before you wade in and bid.