Thirdly, you're using an unsecured line of credit against your primary for a negligible cash flow rental and some tax advantages?

I will be using a third party who originates these notes.

New pictures for our third rehab should be up sometime this week...I had to put some temp pictures up and they were taken with a cell phone.

When FHA, Fannie Mae, and Freddie Mac are the investors, the servicer, in this case WF, will be required to no longer accept third party POF's.They are especially strict on these POF's when the RE investor is using an entity to purchase the property.This is not that much different on REO side as well.

Your third paragraph beginning Mini Balloons, just does not make any sence at all, I can't identify where this thinking is comming from.Heavy weighting of balloons is not making sence to me, are you saying a ballon requirement early in the note term....and increasing the duration, I have no idea what duration you're speaking of.

The third strike, you are obtaining an FHA loan which will pretty much rule out a double close.Your best bet would be to try J Scott's advice of talking with either the contact your are dealing with at the auction company, the original listing agent of the property before it went to auction, or even try the title company once they are assigned.

But I was also able to make an acceptable profit on both properties.I'm currently working on my third project and actively looking for a new investment or two.

However, don't expect to be amazed by what you see.These days, with so few properties having any equity in them when they go to foreclosure, you're unlikely to see any third-party buying.

Seems worth a try to avoid bringing third parties in for financing.

We have started to see things looking better from the flipper perspective, in fact we were having a lot of problems getting offers accepted for the last several months...last week we had two and are on the verge of a third.