I managed a 120 unit complex, all turns were done in 24 hours,Painting, carpet cleaning, turn cleaning, locks, we had a well managed crew and averaged 5 to 12 (during usually June) turns a month.  

Every week I look for all the open houses in my target market and I check them against the county records to see which ones are investor flips which are usually only 1 or 2 per week.

MPH prices usually don't drop that fast, do they?

Usually the 2% deals I see come with substantial capital costs to prepare the property to market. 

I've done a few for rates of 7-12%, 1 year, usually interest only with monthly payments and the balance due at the end.  

Cash out usually requires a lower LTV (65%), but not always.

Income is reported on the appropriate schedule (usually C or E) of the owner's Form 1040.Partnerships DO file an annual report of income on Form 1065.

Although usually for less than $100,000 worth of stuff.

However, in reality highest and best usually wins. 

Originally posted by @Tom Gimer:@Jay Hinrichs Where I'm from when the hammer price increases, the auctioneer earns more money. well it can't be much right... foreclosure fee's are usually set price .. but then again like we talk about its all regional.out our way you have a minimum wage or a little bit higher person doing this for the trustee.