A simple examination of the National Association of Realtors® Code of Ethics Article 4 outlines specifically how agents are to conduct themselves (if they are Realtors® that is) if acting on their own behalf.  

I would get seller's right, tax write off for the mortgage, and a notarized promissory note outlining our agreement that he is responsible for 50% of the mortgage and will handle tenets and manage repairs. 

You may have seen a thread that outlines how they're restrictions for FHA approved lenders to hold a RE license.

The website will come when I decide what I want it to look like.I have outlined my business plan.

Outline:1.

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

.* Minimum equity requirements are outlined in the Product Highlights section.You can find the brochure here.Now, in reality mortgage brokers/agents will put though insured mortgages (using CMHC or private insurers Genworth or Canada First) w/o checking to see if you already hold one and many (maybe even most) times the underwriter also misses it and the person ends-up with two insured, high-ratio, mortgages.  

If you do a search on here, there are dozens if not hundreds of posts outlining people's experiences purchasing through Auction.com.  

@Shawn HydeYour general outline of the setup process is correct.