Granted, it is above the fence and not in the middle of the yard, but my biggest concern is downed power lines after a storm or something of that nature. 

However if he is mismanaging his properties to where they are unsecured and/or nuisance properties, he may be what some call a slumlord, which is the natural enemy of code enforcement (and the neighbors) 

You may want to hold off on flips until you have adequate residual income coming in and a solid emergency fund. 

As opposed to naturally occurring affordable housing or workforce housing, targeted affordable housing means the property has rent or income restrictions in place to maintain affordability for an extended period.Through the TAH Express program, borrowers benefit from a condensed prescreening process, simplified nonnegotiable legal documents and a standardized underwriting process, resulting in lower transaction costs.

If the repairs are structural in nature I would need to get a 203 loan. 

And, of course, adequate records must be kept substantiating the expenses consistent with the documentation requirements of the tax code."

Though my guess is online banks only do bench top. also know that banks almost universally want heloc appraisals to be conservative due to the nature of the debt (revolving) 

@Simon Stahl First, you did not quote Paragraph 6 of Regulation D of Rule 501 correctly: "Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;"If you make $220k per year, for the last 2 years, and you marry someone with no income, that does not mean that you are NOT accredited now.

It also limits their ability to accurately represent the true nature of the risk and rewards to investors. 

The investors doing a very large portion of the deals are professional in nature leaving lower risk of default or collapse.