There's two packages one is the Home study package for $59 which includes a CD-ROM containing a slide presentation and Study guide with over 150 pages of review material and 45 days of access to the EZprep website.

In these states the borrower retains title to the property when they purchase and the mortgage is simply a lien filed by the bank on the property.

Offer him $30/hour (plus materials) and tell him he can have access to the house whenever (nights, weekends, etc).  

Strategically, you have to either remove the source of the odor (porous material), seal or encapsulate it.The drywall and baseboard trick you mention is important.

I.e. the loan will pay out $5K if you have a GC tile the bathroom, but will not pay out $1K for materials if you tile the bathroom yourself.If you've got the funds to purchase a property and enough excess income (plus new rental income) to tackle updates over time, then you can go the conventional route and lock up that 30 year financing which is a great way to start out.  

I don't want the guy come to me in six months saying "hey, I know we weren't going to refinance until next year, and I know that we owe contractors money, and I know that the renovation is only 50% done, but I need $10k for a retainer." 

It was rehabbed by a Mark Edmondson and has required costly repairs from day one, not to mention that it sat vacant for months because the promised tenant never materialized.  

His website certainly gave me the vibes that a sales pitch would soon follow in his material.

You are likely not entitled to retain the option fee that us paid to the seller by the tenant in return for the option to purchase the home.  

Let me explain... a brand new 3 bed 2 bath 2 car garage home that sells for $127,900 only rents for $1200 per month.Compared to a 30 year old home that sells for $85,000 and rents for $950 per month.However, a brand new 25 year Owens Corning shingle roof, high efficiency HVAC unit, new hot water heater, Delta faucets, and local code is much more strenuous today compared to 30 years ago.Building materials are more efficient and homes are much better insulated.