Newbies, seeking a fast and easy buck without much effort toward education.

Terrible @Matthew Cain, your probably young and a move somewhere cheaper would sound like a good idea, but don't do it, I am 59 now, I was born in what today is Belarus, in the worst poverty in the soviet union, at maybe 12 my parents and I left and live in New York, Detroit, Baltimore and Park City before I was 18 all because, my dad was not getting jobs we where moving to cheaper and cheaper places, my father settle in Baltimore, and his house never grew up in price and unfortunately never build wealth in the other hand, at 25 I came to California, worked odd jobs till I met a contractor and that's how I started getting sweat equity 3,000 bucks for 4 months of work, maybe 60-80 hours  living 4 in one room, but by the beach I was in Real estate heaven, and I was lucky enough to stay buy a house, do some rehabs, leverage my first house, rehab more, and more, now I live in Solana Beach Ocean View steps to the sand, life is not bad, and I am very glad I stayed here. just work hard as your body can take it I know, I probably seems fun to go with friends and stuff, now but if you work really hard 5 years you would still be young and can enjoy that money you work, for and keep doing more. so one day very soon I hope you have a nice beach home in La Jolla or what ever you please.

If you have a couple hundred bucks per month to spare, check out becoming a premier agent on Zillow, but I'd recommend the free stuff first.

Having said all that, this sounds like an opportunity to learn from someone AND make a few bucks doing it.  

That gives you the most bang for your buck, experience rehabbing and landlording all in one go.

This strategy is worth big bucks when you do it right.

What are the things I need to look for to get them the most bang for their buck.

Except instead of scoring the quick buck from assigning it, they just go ahead and close on a buy-and-hold.

Other than that, most lenders get paid at closing, some MAY roll the closing costs into the principal due at maturity (but this is usually reserved for more experienced borrowers who have a track record with the lender).Also, the term is usually 12 months, interest only, with the principal due at maturity.

Josh Setterbo I buy my houses cash so I actually just use a general contractor in place of an inspector and if I don't close on house I throw him 100 bucks which is cheaper than and inspection but arguably just as thorough so that allows me to get an accurate pricepoint as well.