You don't have to answer that, nor can you because it's subjective, but the point I'm trying to make is that they may not view it as a great deal as it currently exists.

None of this directly relates to landlords reporting rent payments. 

The seller is currently attempting to purchase another property but is facing challenges due to the inability to hold two FHA loans simultaneously.

While a substantial profit can be made purchasing below “market price” these types transactions deals are a rarity.  

Real estate syndication investing is still quite valuable as it can offer higher Returns than investing in public REITs but not as high returns as direct ownership and management of real estate by some experienced people, but with the benefit of being far more passive, than direct ownership/management. 

(I'm currently dealing with a lawsuit for wrongful death on one of my properties - fun right?)

The OP asked a direct question.

I'm not completely foreign to the construction process as I grew up around a family that was involved in home building, but due to living in another state I can't really lean on them for the direct, hands-on guidance. 

These loans do come from banks directly (Fannie/Freddie loans come from the Federal Government) so each bank that offers these types of mortgages might have slightly different requirements. 

You'll be able to meet seasoned investors that can direct you in the right direction.