The question becomes, is it a wise decision to go with an FHA loan and purchase a 450k+ duplex for my first venture?

If so, look into syndication to raise the moneyAnyways, I am still not sure it’s wise for you to take on such a high value asset without having 1.5x times 6M in networth.

So, no matter where you invest, it's always wise to have a great tenant screening process as well as being a great landlord.

I think your cousin's strategy is very wise to minimize risk and stay invested.

It may be wise to move passive rentals into a separate entity from your flipping activities for a whole lot of reasons.  

@Luke Johnston slightly off topic: I have the greatest respect for and have partnered with real estate brokers who have been experts in their field and a true asset.I think the approach you suggest is penny wise and pound foolish.

If your doing well cashflow wise and see an opportunity to maintain that, whilst turning your equity into a BRRRR opportunity, then wonderful.

I think you'd be wise to set your expectations (and planning) on the $40-50k solution route and then be pleased as punch if you sure it up for less than that. 

However, if you are bringing on passive investors then it would be wise to speak with an SEC attorney about what exactly needs to be done to be compliant.

You obviously can't flip with that amount or anything close to as small and wholesaling would not be a wise spend of 1k on marketing if you don't have the negotiation and people skills and systems set up to respond back to any marketing.