hi Markiem,There is an attorney in your city and his name is Bob Diamond Diamondlawcenter.com I have not had any dealings with him in about seven years or more, but he use to be a very good real estate non-guru and very intelligent in making money with real estate, but after his brother joined him in business his brother turned him into a marketing machine so I don't think it is very likely that you would ever get to speak with him directly any more, but he may have materials (to buy) that could help you.

Hi Lawrence,I can't promote in the forums but if be happy to answer any Inquiso questions you have in an email or pm.

If I do, then they are on the hook for the deal.I have never seen where the seller like homepath or an REO can accept an offer but still be able to back out while they're playing games with the contract.Seems to me to promote some real nonsense with the listing agents who can then see what bid was accepted and bring in competition. 

Any time you spend doing work can not be passed along to tenant, only material costs.Charge for cost to clean up and remove all junk.

We listed all the things left to be done, separated the labor from material cost, and figured out that 55k is needed to finish the project.

Is there any recommended reading material for investing from afar?

Search "Do Hard Money" as well as "dohardmoney" and "dohardmoney.com"  You'll have plenty of reading material about them.

The insurance proceeds will be covering up to most of the policy limit but that may not cover the cost to complete a new build with the materials necessary to get the most profit on the back end.Time wise, due to all the bureaucratic delays in our city and pulling permits, architectural plans, etc.

You do not have to be a Real Estate Professional to take advantage of this active investment classification if you provide the material participation requirement.  

In addition, since you are materially participating in it's management more than anyone else, it is an active rather than passive investment.