Is it feasible to offer the bank to buy the note at full price (not short sale) so I could foreclosed and own the property?    

It depends on how heavy the rehab is, but if it's major I don't really see living in the property being feasible.

I'll work on that one thing nonstop, day and night and then i'll just get bored with it and move on. for instance, right now i'm rebuilding/chopping my harley, taking guitar lessons online, moderating the guitar site messageboard, learning to train my pitbull , studying the feasibility of constructing a supercross track in my area, and of course learing the in's and out of real estate and thats just in this month alone.

At this stage, I'm hoping to get a grasp of the numbers and understand whether this project is feasible at all before approaching potential partners.

Managing the manager" sounds good in books and real estate school but does not work so well in real life.Buy right, expect inefficiencies, and (prudently) scale as quickly as feasible.

We have another cousin who is currently in school for interior design and we both agreed to utilize her as our ID.I know we'd be able to use her on fix and flips but I'm wondering the best ways to go about using her as our ID for fix and flips and for our rentals if feasible; not just in the technical sense, but a legal one as well.

Some will be feasible and some one.

I'm asking about the feasibility of a rental scenario for a parent who is set to retire.

Or on an economy of scale basis it may not even be feasible.

I love Long Island but for a beginner it does not seem feasible since the home prices are so high and the taxes are some of the highest in the country, and because of that I mainly look out of state.