To me it was a huge learning lesson and learned what due diligence meant.  

He most likely meant to say the max dollar amount relates to Title III and not Reg D.

Eugene S. fyi - I meant Indiana and not Indianapolis

That is all I meant by that. 

If they weren't family and friends, you would not be able to get this loan.This isn't meant to dissuade you at all, but you may want to look into other ways to start, or find someone with deeper pockets to partner with you or mentor you.Good luck!

I have always had an interest in real estate and thought that meant i'd have to get a license to begin.

Real estate investing is fluid and to maximize your return you will want to be flexible in what where, when and how you invest.  

The partner will need qualifying credit and income, but the key is the other partner will need enough income to factor in your obligations/liabilities as well and still meet that 45-50% DTI threshold so if you have a lot of obligations you'll need a very strong income partner with min qualifying credit.You'll both be required to be on title if this is a conventional loan for the most part.Of course there are other legal and ethnical issues you'll have to hammer out between the parties but hopefully this helps you on the lending end.If by not qualifying you meant you dont have the "credit," (above I assume it was because of income because you did not clarify) then you'll have to gift the funds to the "partner," but since gifts are not allowed on non owner transactions you wont be able to proceed with that strategy, atleast from an ethical way point of view of conventional loans.

If however you feel everyday something is missing and you are not fulfilled or happy where you are then you know you were meant for a different path. 

@Michael Lantrip, I think you may have meant it the other way around.