., if I’m dealing with someone in, say, Chicago or Austin, I know precisely which local operators are closing quickly and which boutique lenders are staying nimble.

For those reasons I see it quite remote that any state could come up with legislation to stop a sub 2 transaction or automatically call it.. there is already a vehicle in place to call the loans.. its up to the holder of the note to enforce it if they wish..

His dad doesn't own any vehicle.  

Maybe he does file a nuisance mechanics lien (whether he can and precise procedures) will be dependent on local law.

Lease options are the vehicle of choice here, until I sort out how to get to the other side of the ceiling imposed by debt to income ratio.

With regard to your "DST" and as with many highly structured tax vehicles that have a potential "self dealing" quality to them, there are a number of potential potholes you can easily step in along the way (e.g., constructive receipt doctrine, effective control over nominal 3rd party relationships, lack of genuine risk bearing and compliance with transactional terms, etc.).

Personal background: Married with no kids, 100% debt free, live a rather tame lifestyle and don't spend large amounts of money, two newer vehicles (2020 & 2024) so no vehicle purchases expected for the next 10 years. 

Just started with a new employer that pays for housing, vehicle, and fuel.

Instead, you must invest in a purely passive way, such as a syndication.Second, real estate is a tax-favored asset and investing in a tax-favored asset through a tax-deferred vehicle is a bad idea. 

Unless of course they were using a SEC vehicle that allowed a certain amount of non accredited.