This will allow you to get a FHA loan with minimum down payment, maybe even some down payment assistance, and fix the place up as you live in it.

The purchase price will be 160k and the homes renovated value is between 210-220k. (4bd 2.5ba on 5 acres inside city limits)My question is, should i do minimum repairs and rent the home out for around 1500mo (pay the morgage) or flip the home.

You will want a CPA to do some tax planning with you to make sure you are set up optimally for your situation from the start, and you will want to work with an attorney to talk to every contingency and have it addressed in an operating agreement. 

On most of the Mods, you pay off the principle with interest as in the original agreement then pay the arrearages off dollar for dollar whether it is mentioned or not.

Would you say then that the REI would go ahead and sign a lease option agreement, which is contingent upon finding a tenant buyer within the next 30-60 days, and the seller can continue to market their house in the meantime Iwith the REI as an exclusion if the house is listed)?

I'm guessing it is an investment agreement between my investors and I outlining my finder's fee if the closing takes place.If anyone can help me out on these details it would be much appreciated.

They will sometimes have minimum amount thresholds on the website.

Yes, many parts of California bubbled just like the rest of the country but some areas will always be able to hold a minimum value due to the many factors I mentioned.

Basically when it comes to referral fee's it's just a handshake or verbal agreement on the phone.If you found a buyer for an investor, he should be more than willing to pay you your refferal fee in order to use your services in the future.

There are reciprocal agreements with other states which allow a licensed individual from a qualified state to take the second state's exam without completing the course requirements.