My objective is to build a nest egg that I won't touch for 20 years or so, and I have a pretty small appetite for risk in this portfolio. 

Then as I get payments, I apply the principle portion decreasing the value of that equity account, and placing the interest income into "interest earned" under income. 

However, I could not sustain that long term just because my objectives are to make some side cash as I get some experience as well in relation to my time availability.

@Jason SternYou have somewhat contradicting objective listed.

Is there any objections or reasons why I shouldn't get my license????

After 20 years I haven't even paid down the principle. 

They want investors for flips, but the principle is the same.

If ownership is joint - no possible objection from the IRS.The third one is probably the one that your exchanger is overly (in my opinion) concerned about.

If I was the Listing Agent for the home, my prime objectives were to observe the visitors reaction to how the home looked and their thoughts on the price.    

Supply side is most probably copper, though galvanized is possible.If you were planning to flip the house, you could apply lipstick and pass the need for a mid-life retrofit off onto the buyer ... though if your objective is to make a career out flipping in that markt, you might think differently.If you are planning to hold this property as a rental then it is in your long-term interest to upgrade as many of the building systems (starting with the envelope) as you can manage before applying the cosmetics.In your position, if keeping the property as a rental,, I would plan to upgrade the building envelope (walls to R23, roof to R40+), install a proper vapour retarder and HRV.