I think having one you very easily run into Net Listing issues, and Net Listings are illegal in those states.

I've sliced off enough capital to easily float 3-5 months with no job.

I think it would easily rent, but you would have to sell as a 2+ office/den

However if you were to get your license that number can go down to 5% easily.

This approach may be easily demonstrated by logic to a seller, bring the property to its best or acceptable utility, instead of simply trying to beat down the sale price, it's a bit of a partnership approach in meeting half way.

If you've got some cash saved up, you could easily get the rest from a place like Lending Club, Propser.com or even your local bank with a signature loan.  

The names and meeting dates can be found easily with a web search.

Connecting seems to be a term used easily, but hard to apply in a real life situation.

Original seller contacts bank and brings back payments current and keeps them current why they try to get the current owner who wrapped them off of title.If the home does not have sufficient equity then this could just be a plain loser and if both the original seller is now in such a deep hole with back payments they may not be able to cure.. and if the new buyer who wrapped them is just fibbing and trying to rip rents... this could easily end up a foreclosure. its for all those reasons I wish the guru's and coach's would just not recommend Sub too its just a killer for sellers who are not experienced enough in RE to understand how to protect themselves and it allows undercapitalized folks who  think this is a great strategy to get into properties only to butcher them. 

I'm stubborn, I don't learn my lessons easily haha.