What makes it slow in this case is that you don't really start seeing real cash flow until after year five but it's more effective than rentals in that there is little to no maintenance.Sure you can live in a home while fixing it up with the intention of selling it for a nice profit later but I think many people are already doing that and the buyers of slow flips now also have that opportunity without having to qualify with a bank.

Your bank today on the loan might have sold the loan to someone else, kept the loan and the bank was bought out by other bank, not loan as much on commercial real estate anymore, etc.

Or, are the failed projects going to kingmade investors that have "special" relationships with the lending banks? 

I always invested in the “higher end of the lower end,” starting small and working my way up so the banks had no issues financing my next property.

Since this is my first go around - I'd really appreciate advice on the following:- any references on lawyers /firms to work with to go through the Barment and foreclosure process without breaking the bank.- Ball park ranges - what can I expect the cost of this process to be?

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

Central banks were evil.  

Federal programs will require you to use GC/licensed folks for a lot of the work and they will get reimbursed by the institution that your loan is with; many GCs don't want to wait on the float time of requesting funds and getting them.Depending on the program and rehab/condition of the home, you may not be required to live in the home (think black mold remediation...bank isn't going to put you in a compromised position) however they may have min/max of when you need to move in.

If you want to own a rental, buy one thats a 10 cap or higher with 20% down through commercial financing with a big bank.

They just told me they started packing over the weekend, so yep, they want it.Tenants failed to 'keep me in the loop' as they promised.