I am starting to get into syndicate investing and have been reading Brian Burke's "The Hands-off Investor" which is a pretty in-depth guide to analyzing real estate syndications.

As long as it stays optional to the tenant I don’t have a problem with it.

The hardest part is finding the right people  to talk to i.e sellers, lenders, contractors, and not stopping until you find them the rest will fall into place because you have thw info in your head and a mentor(jerome) that will guide you when you get your deal rolling.

Prioritize properties with rental potential, plan for reserves and tenant strategies, and stay patient as you network and learn.

The substitute of collateral was more of a scenario where you sold for $155K, and instead of paying off the $88K loan in your scenario, those funds stayed at the title company and were used on a cash purchase happening nearby in date. 

If you are going to get your license in Virginia I would plan to stay there for a decent bit(5+ years).

Closing costs typically range from 2 to 5 percent of the total loan amount, and they include fees for the appraisal, title insurance and origination and underwriting of the loan.”When it comes to closing costs, a trusted lender can guide you through specifics and answer any questions you may have.

If your doing an FHA and plan to stay in one side you have to figure out what that would benefit you.

Since you're already in Tampa, staying local for your first few deals can help you stay hands-on and learn faster.

We have told my ex-wife that we are willing to let her stay in the house for a time but she needs to pay rent.