There are differing legal opinions as to whether the deed transfer triggers a “Due on Sale” clause which could void the mortgage, but in practice I have never seen this happen.I've also had people tell me: "As long as you do not transfer beneficial interest in the property, the due on sale clause does not get triggered.

This is simple accounting principle in practice. 

Getting a lot of good feedback from you guys including through PM, I've been practicing more and more to understand the numbers to get it right.

am definitely going to run credit checks and backround checks from now on as if tenants are applying for a mortgage, practically, after this drama and fiasco. afterall it is a 'loan' in a sense.

Also have been starting to analyze one or two deals a day from wholesalers mostly for practice. 

Ultimately, I think wasting ANYONE'S time, just because you can, is a bad practice.

They have written a gift letter, but because they are from a country where banking is not a trusted practice there are no bank statements of funds... 

While my original plan wasn't very practical, it laid the groundwork for getting started and pointed me in the right direction from day one.

Is this a common sales practice or usually inside deals where the builder cut it with their buddies and generally not accessible to joe public?

Luke Faulconer If I had to start all over and I thought Real Estate might be my ticket, I would 1) Attend the local Real Estate Investor meetings (all the people who do what you do, are all here) and 2) Find a mentor (which you can find at the local REIA meetings). 3) Build a team of all the people you will need in your real estate dealings, CPA, attorney, realtor, and build a list of backups, 4) Build and execute a system with which you practice real estate, do the same thing over and over and over and over again, until you are the best in your market at what you do.5) Along the way, HAVE FUN, remember that every day is Friday!