Hi All,I feel I should update this post as my original post was fueled by frustration and now I am three weeks older and wiser...LOL In all seriousness I found a decent realtor in Cleveland who has put in a few offers for me with no luck but we are still trying and I am sure will get something in the Cleveland market soon.... 

Got a couple questions about the rehab portion on the HUD in a delayed financing scenario that hopefully y’all can help me understand:1) does the work have to be performed by a contractor (similar to how an FHA 203K loan works) or can you do it yourself,2) does the scope of work have to be line-itemed or is it just a bulk amount for the whole shebang,3) in the event that the sun, stars and the moon all aligned and Mercury just happens to be in retrograde and the rehab actually came in under budget (say, $30k put on HUD for the rehab and it came in at $25k all said and done), is the excess amount returned or just what happens in that scenario?

My point was that if you intend to create massive wealth and do so with out the difficult efforts of finding 100+ individual doors, and also do so from a passive or semi passive standpoint, then multifamily would be the best choice in my opinion (or something similar like other commercial class buildings).Thanks for your comments David, I think we are the on the same page and your last comment allowed me to respond with more details.Yep agreed ... guess where I vary from most is that I have no desire for "massive wealth" as you have it defined and definitely have no desire for the risks and persistent PIA it would take to get and stay there, though I'm still fairly young and ironically I may ultimately get their by accident by re-investing my "reasonable margin" on excess passive income over time ... no matter your income ($20k/mo or $100k+/mo, passive or otherwise), if your margin over expenses is continuously zero or negative you are not wealthy nor will you ever be ... if it takes a majority of your time (your most valuable asset) to create that income and the income will stop the second your effort stops, then you equally are also not wealthy IMO.

We use outside managers to manage the property.Right now I am using an All State personal policy on the rental property with the LLC as additional insured and, in addition,  a personal umbrella policy to cover anything in excess to what is covered by the personal policy.

In the event that a default is cured, such as by a completed loan modification or reinstatement, and the loan subsequently becomes delinquent again, a new allowable fee applies without the need for excess fee approval when the servicer must initiate new foreclosure proceedings.StateNon-Judicial ForeclosureJudicial ForeclosureAlabama$1,3251On Approval2Alaska$1,625On Approval2Arizona$1,350On Approval2Arkansas$1,475On Approval2California$1,425On Approval2Colorado$1,650On Approval2ConnecticutN/A$2,9003,4,5DelawareN/A$2,3503District of ColumbiaN/A$2,7003FloridaN/A$3,4503,12Georgia$1,325On Approval2Guam$1,625On Approval2HawaiiN/A$3,7758Idaho$1,250On Approval2IllinoisN/A$2,7503IndianaN/A$2,5003Iowa$1,275$2,3003KansasN/A$2,2503KentuckyN/A$2,7003LouisianaN/A$2,3503MaineN/A$2,7503Maryland$2,5006On Approval2MassachusettsN/A$3,0003,4Michigan$1,425On Approval2Minnesota$1,4509On Approval2© 2017 Fannie Mae.

So yes the reward may be larger for someone taking on excessive risk, but from my own experience I have gained my wealth by taking things slow, putting 25% DP that I bought for 180k on a duplex that cash flows well and is worth 70k more then I paid for it and the mortgage left is only 125k.  

This helps our confidence level when analyzing properties and fuels our momentum toward "pulling the trigger".Can't wait to join you in encouraging newbies once we are experienced,J&B

Talking bad about them is only putting fuel to the fire, however.

For future reference after you go over it with the stain, you can remove the excess to speed up the process.

Foreclosures, Pre-Foreclosures, Tax Sale Excess Funds, Overages, etc.).