I was actually a General Contractor before I was anything else, so it was a little easier for me, I guess.

if I buy a house, clean it out and then sell immediately for twice it's purchase price (I'm buying it at a nice discount)?

This type of mortgage makes the foreclosure process easier for the lender because once the suit has been filed and the original note and a certified copy of the mortgage has been provided, the court will issue an order for the process to begin.Once ordered, the borrower must be then be served with a demand for the delinquent payments.

It makes it easier since all the information is coming in one package from a reputable source who has scrutinized the process.

For a rental, the property would need some updates, I figured no more than 5k (clean the carpet if doesn't need replacing, paint throughout the house, paint the kitchen cabinets (hideous diarrhea-green color).

The properties are rented clean and vermin free.

I help with demo, paint a lot, do small repairs, cleaning, etc.

Your are a cash buy so it is easier to do this to you since there is no bank/lender to analyze the fees.

The previous tenants moved out 1.5 months ago and left it very clean.

Now most of them use www.erentpayment.com, much easier for me to track although it takes about 3 days before the money is transferred to my account.