https://www.biggerpockets.com/blogs/5110/blog_post...The only circumstances in which a borrower with an existing FHA insured loan for a principal residence may obtain another FHA insured mortgage on a new principal residence.

The path taken may vary, but this same principal applies to any geography (LA to Florida, and all points in between) IMHO.

agreement with a principal and has absolutely no legal interest in the property being brokered. 

New stipulations as to rents applied and how rents may be applied as interest and principal. 

Look at it as 200 PLUS principal paydown.

If you are a principal broker with a brokerage then you should be getting the commission.If you are with a brokerage your broker is responsible for all real estate related activity you are performing however if an agent goes rouge that is not a brokerages fault but the agents for not reporting.

The principal gets paid down by about 1k per month.  

Let's say the member's loan is to buy 50% of the property, and that the member will be paid back principal and interest over time. 

The rules that you cited seem to corroborate my thoughts: "(A) A non-lawyer shall not furnish to another for compensation, direct or indirect, advice or service under circumstances which require his use of legal knowledge or skill in the application of any law, federal, state or local, dealing with taxes, except:(2) A certified public accountant or a person duly enrolled may practice before the Internal Revenue Service, as those terms are defined by the then applicable federal regulations and the extent permitted therein.(4) A non-lawyer may render such advice or service incident to an engagement to provide products or services which he is otherwise authorized to provide, where such advice or service arises out of the providing of such other products or services and was not the principal purpose of the engagement."

They probably won't show up to contest and then it will go to auction and you're buddy will set whatever bid he's willing to sell the property for up to the maximum allowed which includes principal+interest+attorneys fees+penalties.