If the hot water heater goes out at midnight in the middle of January, they WONT call you, its their problem, not YOURS they own the MH, you only own the note.If they dont pay, you take the MH back (no foreclosure process, its much quicker) then you sell it again, get another deposit, and start over.If they just skip you put it up for sale again, get another deposit, and start over.

I've kept hearing that season periods are 6 months or a year, so this quicker 1-2 month turnaround could make this 401k loan doable, especially if I can rehab/add value to the property in order to meet refi requirements (70% LTV?).

The 3 bdr will likely be the cheapest rehab for you, initially I'd lean that direction due to costs and the payback will be quicker.

@Nick Versetto Would you say that if a property didnt need rehabbing that the turn around could be quicker ?

This is a great strategy when you're trying to eliminate debt-risk and get to free and clear properties quicker.

Sights are set high but I figure the quicker and deeper we can get into the real estate world the better.

On the other hand, I've got a much nicer product that looks great when its time to sell, and makes for a quicker unit turn due to not needing paint.Many items we're replacing are much less expensive, but I still have a tough time figuring out if they're worth doing. 

Private lenders can be more flexible to work with and close quicker than conventional lenders.

I have heard that other people get their real estate licence solely to access the MLS and find better deals quicker.

If it is an REO, there is a better chance of getting the deal done quicker.