I'm sure I've ran into your relatives at some point.

It's very hard to see you call him out as ignorant, given your relative lack of experience.  

I hate to say this but even your relatives should pass your tenant screening due diligence since you indicated you are a landlord!

Cons or Concerns- Equity over $250k will be taxed.Please share your related knowledge/experiences.

Your relative fixed cost of capital drops significantly while your potential income increases with inflation.The money is better invested in growing cashflow as interest rates rise until they return to normal rates in future (around 10% in the next decade).

Underwriting was not OK with the kid's employment nor your relation to the deal.  

Sorry about your relative Alfred (can't seem to tag on my phone).

Full disclosure, I am a licensed and active real estate agent here in Connecticut, but the fact that your relative didn't even educate himself enough to know that the majority (probably everyone) that is going to come look at the house will have a buyers agent tells me he does not know the business very well.

But do you have any assets that you can have your relative give you a loan against?  

You dont need private money on a primary residence transaction you can receive those funds as a gift by merely signing and dating a gift letter and have your relatives write you a check from their account.As for the home possible program, its a great program.