@Scott Fehrenkamp I'm betting you can find somewhere that would be at least break even when you move out.I plan to pay a little bit when I'm living in a househack if I'm just renting the other side as a long term rental and am the only person occupying my side. 

I also wouldn't worry about base closures because Bragg is a pretty solid bet.

Securing a 30 year fixed rate vs. a loan with a 5 year balloon is much safer in today’s environment. 

They are willing to sign but don't understand they are taking full reponsibility, no matter how hard I try to explain.They want a shorter term, they have no credit, they have a pet, and I'm willing to bet they don't have a Landlord reference, either.Hard pass.

I haven't been to AL for a while but I'm betting there aren't too many dog sled training properties. ;-) Oddly enough, there are a bunch of ice skating rinks and ice hockey here in the desert.

Your best bet is to put yourself out there and continue to go to meetups and network.

Are people buying and betting on appreciation?

@Jim K. bet

If they decide rebuild the base then it is a good bet things will rebound.

As for the legal structure, you best bet is to speak with a securities attorney.