You also get access to conventional financing. 

Sometimes you get lucky.You could even bring up the subject of seller financing (search online for ideas of how to structure a seller financed offer), and make sure a competent real estate attorney helps write the offer documents (if it gets that far). 

The borrower gets the benefit of having access to capital fast and the lender gets the benefit of charging a higher interest rate and not having to pay taxes on the profit.

These rates can get very high, but access to more lending unsecured if needed. 

This will cost you $3-$4K, depending on your state, and will allow you access to the MLS.

I can provide him with an online log in so he can review the books from his office.

Online metrics can be good, but they wont paint the whole picture. 

I either jack and jill the bathroom or add a hallway blocking off the bedroom portion to that bath to allow access for the rest of the members.  

My 2 cents is prices are crazy inflated right now, but believe it or not I think it will continue because of continued demand pressure for the area from people fleeing higher cost of living areas and moving there, with access to 87/17.

The real work is locating these properties and I've learned the best way to do this is to work in towns/areas that have online GIS systems that map; topography, wetlands, soils, etc. and assessors data available for download either from local sources or listsource.com.