But I'm just starting out and I have limited resources...what's a gal to do?

Again, is there any "place" where we can see for ourselves what the guidelines and limits of this particular loan are?

These agents, who are connected to banks and receive REO listings, are they limited to...for example 1-2% commissions...?

Hence focusing on properly evaluating deals is critical.

Of course, if you only need 2 or 3 per year, you may have no choice.Locally, there is a "Rent Check" service, although I have no experience with them.Be aware that there HAS been talk in the legislature regarding limiting or prohibiting application fees here, because there ARE a number of unscrupulous types charging obscene fees.

Short answer is, "Yes".As others have said, the major impact has been in the "Sub-Prime" sector, but it isn't limited to that.

My current "cash" situation is still somewhat limited, though I do have a $200k HELOC, and considering applying for a business LOC through the remodel business as well to help add "instant funds" for purchases just not sure how much sense that makes either yet.

the reason i say this, is according to what i understand the end buyer coming in with the money to close would be limited by the financing they have been approved for....i.e., lender (traditional) approves end buyer for x amount, but they do not typically like to lend or approve a "land trust".....in addition, the lender would be requiring title insurance and a lender's policy...but, this could not happen via a land trust.i hope i explained this clearly......please correct me [anyone] if i am not thinking straight.....

The contact will have a time limit.

Just based on the limited information provided, I'd be inclined to do the duplex route.Owner occupied can help you quickly determine if you have the stomach for bigger/better deals in that same area - or if you need/want to adjust your investment focus. :)