I was just watching CNBC and they talked about a highly anticipated launch from MacroShares.There is an up fund and a down fund and you are essentially betting for or against the housing market.

@Sameer Jain  Cashing out under delayed financing exception you won't recover initial investment  according to information provided.

Not to be a cheapskate, but I was hoping, since it would essentially be a knockout search, to find a free resource initially, and then switch to paid services only for potentially viable properties.  

Also if you plan on using a second FHA to purchase your single family home, then there wouldn't be any equity for you to take a credit line out against that home.As far as which is better the duplex or the quad, I would probably say in this case the duplex is the safer bet (assuming the two deals are equally good numbers wise). 

Option #2 sounds like a long-term play where you may be betting on appreciation in those markets. 

I recently learned of auctions and even took the initiative to attend one near me.

So I'm currently looking at buy and hold as an initial strategy, and eventually if there is some cushion there I'd get into some flips.

Out of state investing is your best bet, IF you want to start right now.

It doesn't prove listed sells for more above FSBO, but I bet they do by a little. 

BUT reimburses the wholesaler for the original sale from the initial purchase of the property.