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Originally posted by @Philip E.

They are located on E.

FHA is definitely a way to buy, yes, but there are so many other ways. buying in the conventional manner, i. e, seeing an agent and buying a house on the listing service, is ok, but your best deals are not there. in fact, your best deals aren't even listed, anywhere!!!

I would suggest going through @Bob E. thread posts.

Are you prepared to take the stand and testify that (a) you intended to take title to the property which you agreed to purchase, (b) you did not intend to use that contract as a tool for facilitating a sale of real estate of another with the intent of receiving a commission or fee, (c) your intent in dealing with the seller was not to facilitate the sale of his real estate to another, (d) your intent with dealing with the buyer was not to facilitate the sale of the real estate of another to the buyer, (e) that the sale of real estate would have occurred regardless of your contract assignment, (f) that you performed your obligations pursuant to the real estate contract before you assigned it, creating ascertainable rights of ownership, (g) that you did not receive a commission or fee for assigning that contract, (h) that the subject matter of the contract was not real estate, (i) that the assignment of your purchase contract did not facilitate a sale of real estate you did not own for a fee that you collected? 

For a 1 year rehab could the partners set it up as a buy and hold, do a schedule E etc, and try to rent the property out for a high rent.  

@Michael Pease, @Meghan McCallum and @Kenneth E: I used to attend "Country's" Real Estate Investor Meetup in the QC and was surprised by the number of people working there!  

http://www.meetup.com/network20/events/218694262/This is the closest meeting I have found to me and it is also a great meeting I attend. https://www.eventbrite.com/e/north-jersey-real-est...Another meeting I have attended but a bit far.http://www.meetup.com/NJ-Flippers-and-Funders-Meet...