Getting a lot of good feedback from you guys including through PM, I've been practicing more and more to understand the numbers to get it right.

Let's just say we lent each other $200-300K simultaneously on an unsecured basis, or allocated a similar amount to fund 70% of ARV on rehabs as they're sourced?      

am definitely going to run credit checks and backround checks from now on as if tenants are applying for a mortgage, practically, after this drama and fiasco. afterall it is a 'loan' in a sense.

Not sure how close and trusting you are with your brother-in-law thus, you can always secure an option on the property for lump sum or percentage of the sale if your tie the property up and conduct a dry escrow/simultaneous close.

Also have been starting to analyze one or two deals a day from wholesalers mostly for practice. 

Ultimately, I think wasting ANYONE'S time, just because you can, is a bad practice.

They have written a gift letter, but because they are from a country where banking is not a trusted practice there are no bank statements of funds... 

While my original plan wasn't very practical, it laid the groundwork for getting started and pointed me in the right direction from day one.

Is this a common sales practice or usually inside deals where the builder cut it with their buddies and generally not accessible to joe public?

Luke Faulconer If I had to start all over and I thought Real Estate might be my ticket, I would 1) Attend the local Real Estate Investor meetings (all the people who do what you do, are all here) and 2) Find a mentor (which you can find at the local REIA meetings). 3) Build a team of all the people you will need in your real estate dealings, CPA, attorney, realtor, and build a list of backups, 4) Build and execute a system with which you practice real estate, do the same thing over and over and over and over again, until you are the best in your market at what you do.5) Along the way, HAVE FUN, remember that every day is Friday!