I didn't do an application or credit check, and said to him something to the effect 'you may be able to live for free if you get a decent roommate you can tolerate...'

If I could find a private investor to loan at a low cost I would do it, I just haven't developed those kinds of relationships yet.I could get money to put roughly 40% down but I'm not sure if that would help.

Once the property is ready, find a tenant and manage the property on a long term basis.Obstacle A and C can easily solved by finding a good Realtor who is local to the area and build a relation ship with him/her.

Again I'm not 100% sure of this yet like I said still in research phase but you may want to look into that some since that will definitely have an effect on your cashflow.

If they are stock sizes, it might be more cost effective in the long term to replace completetly; but that depends on how the windows tie into your existing building skin.

Have good relationships with the REO agents that allow you to purchase the properties at a large enough discount that you can still resell and make a profit.

Effectively you are 50% owners but legally you are the owner (also for tax purposes-- i think).

You only want the REO listing agent to notify you of listings in their office; this will happen once you have a good relationship with them.

The asset management companies have relationships with various mortgage companies or lending institutions.

How much will it effect the small investors, will it kill them?