Yes it is likely too good to be true and unlicensed in this case is basically paying a random person $5 for his or her opinion that is no better than yours, it will not hold any weight with anyone.  

I'm trying to keep my debt as low as I can.

Creating an LLC from the get go and purchasing properties through it would exclude you from utilizing this financing.I run a $40 Million portfolio in the Cleveland area & I can tell you even at that scale the risk of a life changing lawsuit is incredibly low, especially if you are acting like a responsible property owner.

I would do the financing and my family member would self manage at the property and get a cut of the cash flow, this to me is a low money down option and also not very time consuming as I would not be the boots on the ground.  

Very very low interest rate, mortgage of $800 a month and homes in the area are renting for $1,200 plus!

I can't submit a "low" offer when the property is 30 days on the market because there is (with a competent realtor) too much activity.

You can also build a rehab budget into your loan with a 203K along with the FHA loan if you want, with as low as 3.5% down.

For you first larger multi-family property, I would focus on areas that have proved to have rent stability, overall low capital improvement requirements, and a record of property appreciation over simply going for a property that gives you the largest forecast returns.  

The house is all electric and very high efficiency with LED lighting, low flow toilets, brand new heat pump providing heat and air conditioning.The majority of respondents to my renter profile respond that they don't meet the minimum 600 credit score.

I was stunned by the amount of development between Richmond/Rosenberg and Sugarland, in those low-lying areas along the Brazos River.