We can also only charge $126 if we don't have receipts so for the work I did I was limited to that amount and let me tell you I was in there for 5 or more hours.  

Figure 10% higher tax (cap gains vs ordinary) and SE tax isn't too bad If someone is over the Social Security limit however still sucks paying it. 

Because FCRA specifically forbids someone from waiving their rights to protect the information.There are some very limited exceptions.

Directly from Allregs  Fannie Mae's guides:Limits on the Number of Financed PropertiesIf the mortgage loan being delivered to Fannie Mae is secured by the borrower’s principal residence, there are no limitations on the number of other properties that the borrower will have financed.

They include (but not limited to) any loan mortgage payments, taxes, insurance, utilities, HOA fees, etc that occurs during the Rehab period and up until the property is fully rented.  

It takes way too long and the tenants have way too much power.

But also consider the legal limitations/costs in each market. 

first you have to decide what you want to do in the note business.. what most of the responses are talking about is buying bad debt.. and 2nds at that which this is the most risky and the most work..if your looking for work and risk and job then that kind of note investing is for you.If your looking for Passive income with no work and Limited risk then you simply need to align with a great HML who takes on private clients or those that understand where performing notes are generated.. we have done over 1700 performing notes for clients that last 5 years and really don't advertise at all. simply because once you get conservative investors in your program it just feeds itself.. deal flow is the key right now.. most have a hard time finding quality. finding defaulted seconds is easy.. and the most risky. 

I want to avoid personal guarantees and limit my cash outlay as MUCH as possible.

The main item is sure up your refinance monies with a bank based on loan amounts, your qualifications & etc.Depending on the amount of rehab depends on your power team above.Everyone gets checked out.Would suggest attending some reliable investment groups with good educational subjects not ones selling there packages.Diversified Investors Group and HAPCO are the most reliable in Philadelphia to attend.Let me know if you have any questions.RegardsJoe