It is also best to make sure the deal/situation is documented in some way between the family/friends so it is well defined with no grey areas. 

Having clear, well defined objectives  helps us decide which deals to pursue. 

@Ashish Yadav Before you pick markets, I think you should better define your criteria first.

I do believe that there are longer term consequences for different people and different parties being elected but that is not a can of worms I want to open right now.I do believe that we could since consequences if there is not a defined winner on election night or shortly thereafter.

My recommendation is to clearly define and quantify your goals and criteria.

However the APR should be above the minimum defined by the IRS depending on the duration of the loan.

I think it’s very worth it if you can qualify for “real estate professional” status as defined by the IRS.  

The other thing that's been tricky is the "character" for lack of a better year that's developed over time.

Correct, FHA is very strict on too many primary residences within a marketplace (defined as 100 miles from your current, owned primary residence). 

When you say all the opportunities seem to be on the south side or south burbs, what exactly are you defining as a good opportunity?