Now you would also have to get a house under contract with enough compensation to cover closing costs too as purchasing a house will entail downpayment + closing costs.

Errol Alexander Dowis let’s start with what does a “good starting job” entail as far as pay goes?

Plenty of people (agents included) can come up with pie-in-the-sky ideas of how to change and improve a house, but few have a real understanding of what that work entails, what challenges will need to be overcome, and how long it will all take and what it will all cost. ...how did this agent know all this info?

It could have caused mold and rot and everything that entails.  

Each guest has their own idea of what a five star experience should entail.

I would add that you can leverage the expertise of others which likely surpasses yours, benefit from economies of scale, diversify geographically, and park some cash in an asset class that is historically pretty recession resistant, given the right project.I do have to slightly disagree though with the above assertion that syndications are completely passive.

I'm curious as to how that's possible and what the actual process entails.  

Another option I imagine would be working out some kind of easement, but I am not sure what steps that would entail.

I encourage you to read books, blogs, and listen to the BP podcasts to learn more about what rehabbing entails.

The deed restriction in the FNMA addendum is very specific, and conflicts with your assertion.