As I matured, I appreciated being able to settle in for a longer period of time and wanted to put my own touch on the place where I lived.

Reinstatement is eligible through the 20 day period from notice.  

Andrea,If this a conventional loan no gift is allowed under any circumstances period. 

so because of that i was not going to put earnest money in when the contingency period was already up(crazy right!!)

Agreed Sharad  however if there is this well trained well educated group of BP buy and hold investors that hold stead fast to the 2% rule  and 700 rent will sell for 35k period.. they are not going to pay anymore than that for it and go against what they are taught.NOw I know this is not reality.. but its something top consider

@Sam Albert The problem is per the rule it is not 30 days but 30 days from the next pay period from when you give a day.

If she is on a month to month, you have every right to raise your rents periodically.

They can handle the process of making the loan-this would be required of your friend lending the money if he issues 5 or more mortgages in a rolling 12 month period.

Sorry to be the sour grape, but if your estimate of ARV is only 10% high and the rehab cost estimate is only 10% low my calculator shows a profit of only 5%, this assumes a 6 mo holding period and NO loan costs.  

This will allow you  to get the houses in a shorter time period.