The schools were similar in ratings and properties pretty much identical.  

Maybe they own identical buildings in town and know the true costs of ownership instead of plugging in random percents as costs.

How realistic is that going to be if there 30 other identical homes vacant in the same neighborhood?  

Just saw this on yahoo. Bet E&O won't help. Wonder what his broker will have to say:)

I did some significant research on this a few months back, as I have identical scenario as you. 6 finanaced properties nd looking for LOC on investment properties.Although, I just ended up refinancing my current HELOC on primary with USBank to tap into huge amount of appreciation during the 2-yrs since I originally opened the HELOC.I believe the best option -locally- for investment property LOC was SAFE credit union.

I was in a nearly identical position when I graduated 7 years ago.

You will also find that it is easier to find property types in the same caste of structural preference.3.Purchase only properties of a similar build: Because the homes I buy are in close proximity to one another, I find it easy to repeatedly select similar, if not identical structures.

If so then you may/could be entering the realm of a non-arms length 'identity of interest' deal & potentially mortgage fraud, so any fear of a taxable event would be the least of your problems.

All were nearly identical square footage and similar in condition (fair/required minimal-moderate rehab). 

@Joshua BiondiBuying from a relative or someone a business relationship with FHA falls under "identity of interest."