There are some great non performing/sub performing paper deals out there right now.

Liquidated damages or specific performance?

Win-Win for you, the other agents, the broker, and the seller.Now if you want to play games like a lot of wholesalers who don't have money to close, then your broker may not want to sponsor you if you are going to contract on deals and not perform if you can flip the contract to someone that does.

I measure my performance slightly differently than others.

The safe harbor is subject to the Ten Year Rule (expected to perform the maintenance more than once every ten years) and the No Betterments Rule which basically excludes large capital improvements that significantly extend the useful life of the property.There is a heck of a lot more to it, but in summary, keep your repair, maintenance, and capital improvement expenses in separate buckets and back each up with appropriate reasoning and documentation.

So, I could conceivably certify a 1-yr owner occupant, perform a live-in rehab, and re-fi at 100% appraised value?...

., loan underwriting) or a robot that does a job formerly performed by a person, I can make a lot of money.  

Certainly not because of their ability to perform over time. 

Such as a 12% performing note. 

They are, ironically, owned by California-based Fidelity Title.Until which time you have a signed contract that your seller can and will perform on as well as pass good title to a buyer that can and will satisfy the terms of the sale, you do not, as they say, have a deal.The mechanics of double escrow closings vary.