I have very limited knowledge in this field and am seeking guidance and instruction in route to mastering the profession.

So you will have very limited competition.Also, the owners clearly like you or they would not have approached you.

A con is that it will limit potential buyers to only those that will use it as a primary residence.  

So my question is this, do small banks set a limit to the amount of houses or money lent, you can acquire using this method,  assuming all new properties have adequate cash flow and equity once rehabEd? 

You learn really fast who has been in the business for some time and who is stuck at the open house and has limited experience. 2.)

After much searching I found a company called limited resources which makes residential coin laundry conversion kits. 

The best part is they tell you to get your credit card limits raised to join.  

Have you you determined any kind of personal guidelines, such as loan limits or total loans out that you are comfortable with? 

(of course we were all for it)* im currently looking to purchase cashsflow deals - preferably multi family i actually have some cash lying around and im looking for a good place to invest. not having a greedcard limits my options for bank financing so ill be paying cash and the area im living at is quite expensive so im forced to look for at options further away. 

However nothing in the bankruptcy can limit the liability of the buyer to the seller.