My due diligence process was certainly tightened up after that deal and analyzing properties and understanding what things will cost is now 2nd nature to me. 

Credit scores are a reflection of someone's ability to learning and understanding the rules of the game and haveing the discipline to play by them.If you already have good credit, already pay everything on time (autopay), then increaseing your limits will probably help you the most, because it gets your utilization down, ideally under 10%.Higher hanging fruits are average credit and account age (just have to wait for that I guess) and inquiries, which are sometimes unavoidable as real estate investors.  

The way that things like this are typically handled is that if a lawsuit were to happen, since both people have been behaving under the assumption of a lease (the landlord renting their space and the tenant paying rent), they would probably treat it as if there was a standard month to month lease agreement.  

Its my understanding that the individuals are responsible for all the legalities, contracts ect to make it safe not to get ripped off. 

Jason Stofer I understand that but I’m a big believer in path of least resistance.

I understand the 25k guy .. and the seller carry back folks normally those I see that do that will get the amount they paid for the dirt back in the down payment and the note is pure profit.

Looks to me there isn't a lot of room for creativity in SLC based on my understanding of Zoning and Planning. 

As Thomas mentioned - narrow down your area, buying criteria, understand the numbers and how to evaluate a deal, and build your network.

I don't fully understand it yet.

However, it’s important to understand the loan’s key requirements:Owner-Occupancy: The borrower must live in one of the units as their primary residence for at least 12 months.Single Borrower: FHA loans are issued to individuals, not partnerships or entities, which means the loan would need to be in your name alone.Given your scenario, only you can qualify for the 203(k) loan since your partner does not intend to occupy the property.2.