@Zaki Kaddoura as a renowned historian, known far and wide for my mad skills in knowing all the things about "the stuff", I would like to address your questions so that there can be no further confusion on the subject.

You can determine if it loan qualifies by looking at the property listing on hudhomestore.com, or by asking your agent. 

., from there we just need a lockbox code and negotiating skills to secure the best price, in addition to the $12,000 Realtor Rebate to borrower at closing.These are on the sales contracts and on the final CD or Closing Statement. 

So I have been asking friends if they would co-sign on this loan (to purely borrow them for their W-2 income credentials) and in return for helping me qualify, I would pay them $1000/month while I own the property.

Or look into a passive fractional option that still qualifies for 1031 treatment. 

I feel more confident and prepared now since joining BP.I'm a software developer by trade but have many a hobby and skills. 

Also, make sure you even qualify for the STAR program.

Depreciation qualifies as a business deduction.You do increase the chance of an audit with an amended return.

That all depends on you and your skill set.

Probably losing money as long term investments.To make low value properties work you may need to group a few together to be able qualify for refinancing.