FHA is pretty good about keeping their loan limitations in line with local market realities, with $774,050 being the current FHA loan limit on a 4-plex (see below, chart straight from HUD).

This is not quite in line with other stories I have heard, so my questions are as follows:1.)

Sounds like business term loans, unsecured business lines of credit, or a personal loan could be a to get what you need accomplished. 

@Mike Loy, As a realtor you qualify for a Solo 401k, which has many advantages over self-directed IRA, here are few:Contribute 10X more than into an IRA (up to $61,000 per year per participant)Access up to $50,000 from your retirement account tax-free and penalties-free at any time prior to retirement via participant loan featureExempt from UDFI tax on leveraged real estateInvest tax-free using Roth 401k sub-accountCheckbook control without use of an LLC Custodian is not required = no custodian, transaction or asset based feesYou can read it in more details here:https://www.biggerpockets.com/blogs/2810/21298-sol...The bottom line is that if you qualify for Solo 401k - it would be way better than an IRA.

My idea so far is something along the lines ofReceive list of non-performing loans offered by a bank, Freddie Mac/Fannie Mae, some other source.Underwrite each loan to determine the price we are willing to pay, given the info providedSubmit bids on each loanPurchase the pool of loansReach out to each homeowner, determine whether new terms, deed in lieu, or foreclosure is best optionSell newly performing loans or foreclosed propertyDo I have it mostly right?

I had an amazing deal lined up on a four unit that fell through two days before closing when the seller backed out.

If you are looking for 1500 sq ft home with at least three beds and two baths- do not bother targeting 1200 sq ft homes with two beds and one baths.

Bottom line is I don't often get excited about things but when it came to RE, I feel like it’s my 21st birthday and I'm back in Vegas.

I currently own a 3 bed 2 bath home in Mt.

So it's important when you do these deals to ensure your HUD and ARV are lined up TIGHT.