FHA has a lot more paperwork, up-front PMI, plus you have monthly PMI for the duration of the mortgage.

A master lease is essentially called a Lease Option here in Canada.Yes, schedule B will over-ride anything previously written.

Ive asked about getting essentially T-12 type info on the assets, but that hasnt been provided thus far.

Are you essentially saying the expected higher interest rate is the main issue with the strategy?

If a property can come close to breaking even then it's essentially "cash flowing" in my book. 

So, essentially the money from the ultimate buyer can NOT be used by the intermediate buyer to close on their purchase since that would be using money from a purchase that can not occur until the prior purchase has been completed.  

I've heard there can be challenges with inspections and paperwork delays, so I want to get a better sense of what to expect and how to navigate those potential hurdles.

I have a team of highly experienced permit expeditors who are well-versed about all the current laws regarding building permits and paperwork in Florida.

Rud, Syndication deals (and crowdfunding deals which are essentially syndications that are allowed to market over the Internet) can be set up in numerous different ways.So there isn't going to be one single answer for this.To answer your question, I am not an accountant and you should always consult with your own tax accountant before making any investment decision.

Get a Transaction Coordinator to help you with the paperwork (~$500).