In all my reading on BP and numerous books on REI - I've never heard of this approach being used.

I've had numerous tenants rush in, not even check the room sizes, and say, "Oh yeah, this'll work for my family of 7" (2br apt).

By the way I have taken paid training courses from numerous note investing educators.

There are a lot of opportunities on this website to meet investors, network, mentors, and numerous learning resources.

Here are a few links that might help:Garden Web - Is it stupid to buy a home that has flooded?

Looking for qualified General Contractors in the Charlotte area that have done numerous flip renovations before and be willing to show reference list as well on previous projects. 

However, after analyzing numerous deals I have not been able to find any deals that cash flow positive.

There are numerous forum posts on them.  

If the deal you are trying to fund is a great deal, you should be able to find a partner willing to take the second lien position in return for some kind of payment (which could be structured numerous different ways).

Petersburg to be exact.I wholesale properties within three counties; Pinellas, Hillsborough, and Manatee.I’ve been doing this for numerous years and have zero desire to rehab/flip properties.