But I do not charge an application fee and then I narrow it down to my #1 and tell them the place is theirs pending a credit check and immediately do the paperwork - that way they don't pay until they know it is 90% theirs.

I do have an attorney that is drawing up the paperwork promissory note, deed of trust and other paperwork that he uses to represent me.

The real estate attorney is filing our LLC paperwork for us and his name is the only one on it.

It can be a real impact to your ROI to receive a sizable grant, property tax benefit or income tax credit - but you have to be good with paperwork and the timeframes are long.

She has 2 people who work under her, who handle all of the things like utilities, insurance, paperwork, book keeping/payroll, sending wires, entering listings we do ourselves/taking calls from potential buyers, manage the rentals that we do have (we have about 10), going to the bank as needed, running errands etc So basically 3 people who are a part of my overhead.Other than that we have 3 general contractors, my main agent, a couple other agents, and several wholesalers we work with.

WOW, you got great deal there on paper.  Work

We just had to make sure we got all the paperwork done right and on-time and there were no snags.

If you have a good attorney you trust to review the paperwork and answer any questions you have, you could always finish this deal alone and then consider partnering on your 2nd deal just to compare the process with and without someone else.

If so, what type of paperwork do you use?

And yes, once HUD accept your offer, you have to either submit your paperwork (earnest money, etc) or they will put the property back in market.