Unfortunately, I only cared about throwing parties, playing baseball, and studying for exams so I missed out on studying the economics of a downturn.For those who were real estate investors during the last recession and others, what is the lending environment like?

Syed these rates are incredible. 

As Oviedo is really more of a family-type environment, group homes stand out in a flash and HOAs move quickly to start fining. 

A huge college to support the rental environment as well as a growing economy from jobs flowing in.

As noted above, if the numbers pan out then you can make it work; but I want to echo what Anthony has said in regards to major problematic structural issues - additionally, the environment can play into this as well; what kind of land is the house located on?

Most often, spouses' personal relationships are transferred to the office, and in the home environment a man allows himself to treat a woman as a subordinate or vice versa.

That is incredibly helpful!!!

Not only is it a harder job, it's also riskier and will take an incredible amount of effort to earn a figure in the same ball park as my current W-2 position.That said, I'm fine with working a much more difficult job but the payoff should be much higher. 

Contracts, signatures and clear cut plain English understanding of what each of you are going to be responsible for and what you will take from the deal is incredibly important.Don't let money ruin a friendship and don't let a friendship ruin your business.Best of luck!!

Building in this environment is the most expensive way to acquire a property.