So it appears that the GSE model is officially being declared dead by the Obama administration and is nearing major reform from what I am reading from a number of sources.

Do you really think you can wrestle some hardened, muscle macho thug to the floor?

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

Here's he declaration you'd need to sign:https://www.sanjoseca.gov/DocumentCenter/View/2124-  Even if you could get approval to build yourself, the cost of architectural drawings (by someone who knows local codes), permitting and impact fees would would be half of your budget

It's helpful to get this drilled into your head early, as you'll build up a mental muscle to avoid spending money on depreciating assets.

Another friend of mine declared bankruptcy and lost 32 rental properties, and lost his desire to ever buy another property. 

You can declare drug income and pay the taxes up front.  

@Grace Carney Hello and welcome to BP, a great place to work your out your investor muscles. 

People that are attached to their property or can't sell for breakeven or better are going to Airbnb.com to rent for short term to tourists for a lot more money per Day, but, that falls under the Hotel rules and they are strict and don't keep the cash and not declare.

I do use professionals when doing so saves a great deal of time or when a great deal of muscle is required to do the job.