Thanks to BP I have already setup to meet with a local REI headed by a fellow Alaskan (i live in Idaho now) and I have 3 buyers that have already put in a wish list ;-)   Any help would be greatI am currently looking into using the Wholsale and Subject 2 exit strategies but, the subject 2 is still something I am learning. 

floors that are currently completely covered with old wall to wall carpet that we'll rip up once reno is done.

It's enough to cover down payments on two more properties similar to the ones that we have been buying, however we are contemplating paying off one of our duplexes (about a $95k loan) and take a quick break from purchasing to let our finances calm down and deal with a bunch of repairs and other extremely busy life circumstances that we have going on.

My question is this: would it be worth it to pursue a "subject to" or seller financing deal since we don't have the money to fund a down payment?

If you know about it, (or should have known) and don't take action, if/when tenant is busted, you are subject to having the property condemned/closed for a period of time by the city. 

I will need an FHA or FHA 203k loan to help with the rehab cost since I don't enough to cover all the rehab.  

Still need floor covering, sink, and toilet to complete the bathroom.

The goal of the 50k is to cover TI,LC's, downtime of lost rent, attorneys fees, tenant rep broker commissions so when the space is released you are almost breakeven with the money.

At this point, the subject of borrowing money is the construction company, not the landowner.Is this possible in the US?

If you are satisfied with him, I would make sure I cover all bases when writing out an agreement.