The Howey test is still somewhat applicable for determining if the sale of a business interest is a security or a business opportunity .  

Talking about it not working in some applications.

I am working on applications for 3 college students. 

https://portugalbuyersagent.com/portugal-golden-visa-ending/....

To qualify, the income from the property will need to be equal to or greater than the monthly principal, interest, taxes, insurance and HOA (where applicable).

So this is my first application that has had a eviction on their record, its a couple that are applying together for a house. 

Anything that is almost guaranteed to be used daily in your rentals (i.e. couches, bed, chairs), I'd try to invest in as much quality as you can for those specific items.Some store sites will let you filter for "contract grade" or "commercial grade" items - these are the sorts of furnishing that get put into higher-use commercial applications such as hotel lobbies, apartment building amenity spaces, etc. 

I also see a lot of tenants show up with cash in their pocket trying to rent my properties without going through the application....."

As Andrew mentioned the main drawback would be the funding fee IF applicable to your husband. 

I live in miami florida now and I moved for larger scale developments here because of the net migration but columbus ohio the economics allow for that. existing inventory has been tougher and at the pricing inc columbus you may as well build new because you can build new less than replacement costs in a lot of the markets downtown. it's about being in adjacent downtown neighborhoods where property values and rents are higher. land values are the biggest driver of how well you can buy land to develop followed by permitted uses or rezoning applications.