We use separate contracts - with no financing or incentive ties between them - but I read a thread on BP last week where a snippet of the regulation from NC was posted and it appears they prefer a single contract there.Either way, a 40K option fee on a 94K property is way too much and would be considered predatory just about anywhere.  

What other auction websites are there that you prefer?

Well guy just said that he would prefer to drill closer to winter time when the ground froze up a bit.

I always choose or reject applicants based on my personal standards and prefer not to complicate the process by allowing any applicant special privileges.

Preferably Dallas or Austin.And a more general question would be what tips or suggestions do you have for keeping closing costs under control?

Vacation Rental is my preference, much more work than long-term but much faster reaction time to market changesAnd to be honest, not all THAT time consuming, you may actually learn that you love doing it yourself from afar. 

And one more question is there any preference between Post cards and yellow letter?

Im not a fan of white kitchens but this is personal preference.  

My preference would be to buy performing notes serviced by FCI and to never have to foreclose. 

You might burn some human capital (like, frustrate your broker/banker/lawyer or the other side) if you go under contract then find something you don't like and don't buy... but obvious I'd prefer to do that than to buying a house with expensive or difficult issues.I know from experience that FHA loans for 3+ family homes can be a little challenging (they have to meet a "self sufficiency" test, where the rents for the units have to substantiate the carrying cost of the property).