Is this consider a "fraud" and I have a potential legal court approach to take?

LOL it sounds like you may end up owning six properties you never planned on owning unless you have some FRAUD and SCAMMER exit clauses.

You can still get identical results you calculate based on the assumption there’s a 30yr mortgage on the property

Can I HELOC the rest or a certain percentage of the equity of the property or an identical loan package.

My sister had her identity stolen and it took 9 months to sort everything out.Anything in collections you will want to get those current. 

Since you did not actually live there, it would be fraud.

If you have two "identical" units, advertised for the same price and you qualify a Section 8 tenant for one and a non-section 8 for the other.

You can message me if you want to discuss more.Best way to buy would be a conventional 20-25% down non owner occupied mortgage unless your dad wants to turn his current residence into a rental to move into it, you are looking at relocating into it, or you want to commit mortgage fraud.

That is common and many sellers are victimed by these FRAUDS.

Can we structure 4 identical loans with these friends/acquaintances, agree to a fair interest rate, reasonable payback/cash out terms, etc?