Hunter, I believe FHA to be popular on BP due to the low down payment as you mentioned and the ability to use it on a house hack.  

One thing I forgot to mention. 

If Real Estate is your passion consider getting a major when the time comes that will help you with your passion..A lot of novice mention they want to partner up, remember this when the time comes..Why would someone want to partner up with you?

Got to talking to the REO agent and he mentions that there are 3 offers on the property, 2 of whom are contractors.

Got to talking to the REO agent and he mentions that there are 3 offers on the property, 2 of whom are contractors.

The other issue I have is that it's outdated as others have mentioned. 

But with our above mentioned goals, buying 10 acres out in the country isn't exactly step one of building a buy and hold empire. 

Hey Joe thanks for the mention!

The first step is the notice to quit, as mentioned by a number of the posts above.You ask an interesting question about what about the situation where it is postmarked the 9th and you receive it a week letter.

@Joseph Scorese should be happy you have mentioned his group.You should look into DIG http://digonline.org/Joe is a member of DIG too.