I have an opportunity to pick one up for cheap, but am afraid of paperwork requirements!

You should also give them the assignment of contract paperwork too to review.  

That said, when it comes to investing, you have essentially two levers you can play with -- TIME and RETURNS.For a passive investor who doesn't want to actively search for, negotiate and manage investment deal flow, you're going to find that your returns are somewhat fixed at between 5-15% (these days, likely closer to 8-12% unleveraged or 10-15% leveraged). 

I think that’s relatively conservative. 2M divided by 75k is essentially 27. 27 times 400 is 130k.So basically it comes down to if that 120k is guaranteed or not.

I know exactly which company you are talking about, I have bought their essentials course for $2000 and I do feel it was worth it. 

HI Bradford,Most lenders can do the 203k FHA streamline or full K / standard program or the home style conventional loan program.The problem is most have not done a rehab loan program or have construction experience  or the process on the lending paperwork side.There is quite a bit of paper work such as:- scope of work + revised scope of work or adjustments- consultant review depending on the depth of your construction project and work being done- resume for contractor- certain lenders have requirements for contractor experience such as you cant GC (general contractor) your own project and such- reserves or margin of error in the project such as the 35k streamline 203k loan which only leaves about 28-30k of actual construction cost with the remaining 5-7k for reserves and contingency- only 203k standard FHA can finance your carrying costs (so you dont have to make a mortgage payment during your 6 months of construction)- Home style conventional rehab loan cannot have a project that is more than 50% of the after improved value (meaning your rehab cannot be 250k on a 450k valued project after you finish) youd have to lower your rehab to 225k or less in this example) This is not limited on 203k products- much moreAfter the construction details and process theres the typical financing aspects which include regular FHA or conventional qualification guidelines.The rule of thumb though is to qualify for way more than you need or to do a max purchasing power assessment to see how much borrowing power we have to ensure we have enough room to budget for the 1) purchase, 2) rehab / construction budget, 3) reserves and contingency budget to fit in loan approval criteria.Let me know if you have any questions on what to look out for.

Essentially your LLC has become the bank/hard money lender/etc.

Essentially you want a policy that has to specifically exclude a peril (cause of loss) for it to not be covered. 

I am buying the house cash for the first time, and there are no realtors involved, so the amount of paperwork and BS that I normally go through when buying a property was literally cut by 80%+.Honestly I wish every deal I have done was this easy.

I sent numerous emails asking if they needed any further detail or if any additional paper work was need.