I think it *can* be, just as it can be socially irresponsible (or simply ethically/morally neutral), and I'm interested in determining which RE practices fall into which category.Similarly, wealth certainly *can* result from deferred consumption, but it can also be inherited, or earned through a high-paying job (regardless of whether one buys designer handbags or not), or accumulated via practices that negatively impact society (i.e. how about those big bankers/brokers/execs who committed fraud that basically initiated the sub prime mortgage crisis).At any rate, it sounds like you feel you are adding value to your community through your real estate investments AND earning a nice profit - and that's the sweet spot!

Furthermore, FL tightened the statutes to read that those using contracts to circumvent licensing law are considered to be brokering.Here is the FL statute..and it is not coming too late to deal with these frauds and scammers that broker without a license:475.43 Presumptions.

You guys heard he filed a bankruptcy in 2012 because of tax fraud, right?

Hey Bryce, I'm from the area as well and it seems we have identical goals.

 If you want to PM the identity of this person/entity I could tell you if I know anything about them.

We're obviously mixing/matching resources from Fannie and Freddie here, but their LLPAs are virtually identical. 

If you purchase using an FHA without the intent of living in the property, just keep mortgage fraud in the back of your mind.I would say there are two paths here:  Save up the 20% for your next down payment, or pour a bunch of cash into your current property if there is a chance you can force enough appreciation so that you can reach that 80% LTV threshold, refinance into conventional, and reopen the FHA option.

For an identically priced home, you'd pay nearly double the taxes if you were in Hazel Park, for instance. 

It's not worth possibly committing mortgage fraud and getting banned from any loan in the future if it turns out you are on the wrong side of that 'grey' line.  

The Anti flipping rules are set to prevent fraud.