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I am assuming that this means I can deduct interest paid to original lender and report the interest I received from buyer as income like Ashish mentioned? 

Your cousin should contact the lender to discuss his options.If he rents it out, he must report rental income and expenses (e.g., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

Is it as challenging as it is reported to be or is that just a perception issue?

If It is a wholesale DSCR lender that also does TRID loans, they might require a bit more paperwork, such as a VOM, mortgage statements for properties currently owned, and credit supplements on mortgages on your credit report.

Then make a report to the SEC and FBI.

All the reports are reviewed.

In all the other states where this is legal there is no state or fed reporting or oversight.. thats the point..

They will issue an IRS Form 1099 in January, reporting your total taxable income to you and the IRS.

Inspection reports and appraisals are helpful but aren't a cure-all.