First of all, thank you Bigger Pockets for such a wonderful website to connect and learn from professionals in such an efficient manner!

This confirms that it would be acceptable as long as the 50% test is satisfied on the following dates: (i) the “initial valuation date” or the first date on which the corporation makes an investment that is not a short-term investment of funds pending long-term commitment; and (ii) at least one day during each annual valuation period.

Paying a proficient short sale negotiator is worth it's weight in gold to increase the chances of a short sale being completed efficiently and in keeping a strong line of communication with all parties.

Also since private money is the first mortgage maybe there is a balloon payment due in a year or two where the seller will only be making this loan for a short period of time.

OR I invest in real estate and be paitent for a longer period of time. 

This is why having vinyl windows helps you greatly during your holding period.

Yard work is fine, though I’m certainly no pro with it.Is this just a matter of speed and efficiency at some point?

No car.. don't bother.. unless you become a commercial agent that works in a certain sector with a large firm in a large urban area where you can manage walking or taking efficient public transit.. 

., a 60 day notice is the 1st legal requirement to getting a current occupier out of a property.My question(s), can contacting the family member to inquire about their plans and/or offer some motivation to vacate interfere with the notice period in any way?

I worked with the wrong appraiser this time. when your HML and private investors loans have  12% interest only payments, I bet you'll rethink about that 12 month seasoning period hahamost lenders do 70-75. not all. you can find higher LTVs if you trytrust me, I've had about a million people tell me to 3rd party my management however in my situation a lot of money would be thrown away doing that.