there is certainly risk on loans that need to be refinanced in 3 5 7 years.. you never know what the mortgage market is going to be doing then  ( interest rate wise or just availability of funding)  this is what hurt investors in the 08 credit crisis. perfectly good properties that had their balloons come due and no one to take them out.. 

You will bust your butt for a small commission but you will get work and learn the transaction.Nothing wrong with starting part time—it may be the perfect way to see if it is a good fit.Best of luck and hope you find your niche.

Right now is the perfect time to create seller financing situations.

When others are fearful, now is the perfect opportunity for you.

@Frank A Castro It sounds like this is the perfect motivation to do what so many of us struggle to do - pick up the phone.

You can find a good place on the MLS that has a 4-5 bedroom (which has less competition on it), and look for a place that is for rent for awhile, meaning he is motivated to rent, he may put the rental price to high and that is why he is not renting it yet,  but for you it's a perfect opportunity. 

In the perfect scenario, she will offer to pay for it and all is good.

And of course when my wife pays the 2500 a year she gets 100% commish . now to be fair she has and has always had a transaction coordinator to make sure her paper work is perfect..

Your plan to buy a duplex with a FHA loan is perfect.

The risk is probably there, so I can really say is that in my personal experience this has never been an issue, BUT I am also in that group of paying on time every single month with perfect credit so that might be the difference.The other thing you could do is put it in a land trust and then make the beneficial interest the LLC.