Looks like I have to sleep even less to add another podcast to my schedule :) 

Also it has to be only on Friday and Saturday night on non-working/school night so people can go to sleep soundly.

There are certain issues to consider like the due on sale clause which you can learn more about in the forums on Bigger Pockets but from what I gather is not something to loose sleep over. 

Its hard to just see a home as a business transaction, but really, it's just a box people sleep in.

To let you sleep better. 

That way if the market tanks at any point I will sleep like a baby and the cash register will still be ringing.I think I mentioned before Las Vegas may not look as good on paper for returns as some of those other areas, but I don't look at just the return I look at the entire picture which includes the property itself, the location, the potential tenant base, the management, the city economics (demographics, growth, taxes, COL, etc), and even the city itself would I live there, the distance from me, etc. 

Given that I will be considered self-employed and will initially not have income (or at least not income that is steady or predictable), I will be having my parents co-sign the FHA loan to fulfill the income requirements.I clearly have sufficient capital to not only fund a 3.5% down investment, but to also make the subsequent mortgage payments.

Ethical reasons alone should steer you away from this practice.Yes their are people who operate like this but I would sure have trouble sleeping at night knowing that my business model included screwing people over.

We have sufficient funds in our account at all times to cover our cash flow needs.

Sure - as long as the benefit of the Series is sufficient to cover those costs.