And if the house is not fully up to rental weatherization standards, does the bank have to foot the bill to have the work done before ownership is transferred to me?

If AC is standard in your area, you want that to take into account.

My general rule of thumb (and obviously I'm focused on "what will screw with you getting a mortgage," so if that's not you, feel free to disregard) is that if your taxes are simple enough to use 1040ez, you're salaried W2, and you're taking the standard deduction rather than itemizing, go for it with the software. 

After rehabbing costs (you will be inspected by a HUD inspector, and have to meet minimum living standards, which are not that minimum), assuming a 10% vacancy rate (not really a vacancy rate, but more like a "tenant not paying full rent" rate), plus associated costs, my CAP was in the red. 

Also, any thoughts on buying homes at a discount, fixing them up to Sec 8 standards and flipping to Sec 8 Landlords?

These are standard excuses renters give when they're late in paying, right?

FNMA HomeStyle is a renovation product that is investor friendly for SFRs.Post-closing, the funds are disbursed to your contractors as the work is completed and confirmed to be up to both the standards of the loan program, and your standards. 

Hi John Chapman ,I need a standard option contract to lock up a property while completing my due diligence.

Our standard practice is to do them every quarter, but our clients are allowed to have us do them less if they want.

If it is a standard form TAR-2001 lease then there is a form available for notice.