If so, having common utilities is not good.Good Luck,Mike

What are some common renovations that you know of that would require a permit if sold?

Not only can the lender not sell you the property (they could sell the note but thats not common) but they can't even talk to you about the property.You would need to get written permission from the owner for the lender to talk about the property.

Does the bank pay a commission to ANYONE in these transactions or is it common practice that my buyer would have to pay the 3 points?

From my observations and experience, I would say that the team members you select should be ideally referred by other investors who you share common philosphy with.

It seems we have a few things in common, being that you have played online poker for awhile, and now your interested in REI.

Around my area the land cost hurts the 2% rule; most land around where I live is not owned, "lot rent" is pretty common.

That's why its common to use a rule of thumb, like 40-50% of rent.Even without a lawn to mow, you have other exterior issues.

That is one common thread I am finding on BP!!

Those sound like quite common things to see if you attend auctions regularly.There's usually at least big fish that wants to knock any newbies out by driving the prices up.