It will protect you for cheaper without the additional complexity.

Am I suffering from greener grass syndrome, or should I have "Lived where I want to live and invested where the money made sense."?

Is it for liability protection?

So you could form a partnership but it would not be allowed to purchase the property, so you will not be fully protected legallyThanks for clarifying that they're not a first time buyer program, I am not sure why I had that confused.

FHA has some time required before reselling  a property you just purchased, 3 months i believe but everything i’m saying must be validated for your own protection doing these things.

There is no 100% guarantee out there.Managing your property properly and having great insurance are probably the two best ways to protect yourself.

Since they both have a vested interest in the trees, they will protect them. 

However, if it’s not necessary for liability protection, you might avoid the headache altogether and just beef up your umbrella insurance policy.What’s your take on this now?

Expect, to only get about 8% (or lower) of the properties you buy redeemed.If you pay close attention to the type of property, and do research to protect your interests, the percentage does jump up to about 30%-50% on the properties eligible for two year redemption.

If it is returned in full, the pref equity will receive their accrued pref before common equity receives their accrued pref + share of profits.So, common equity has "unlimited" upside but really no downside protection.