Not sure the rule on posting articles, but I've been following this concept very closely since the RFI announcement in August 2011.

Your rules are sort of OK - the reason I say "sort of" is that I would phrase everything as "Tenant agrees to _______" and then fill in the blank with the concept you are trying to express.

There are no hard rules of mentoring relationships, especially with family.

I try to buy places using the 2% rule based on purchase price+renovations+closing costs.

The properties must be professional managed as in any event the rules are violated the tax credits become worthless, so it's a very tough business to break into.

Check local city rules.

That structure follows the rules of Regulation D which is set of rules that deal with exemption from being a fully registered security.

There are no rules.

From the numbers you just posted, if you sell now, buy three houses, stay in your current rental, in two years you could have saved up enough $ to buy a fourth house.

Some banks though may still use stricter rules though.This is probably not the latest announcement from Fannie Mae, but it should help clarify part of your question.http://www.homefinder.com/content/Buying-Guide:Fannie_Revises_Investment_Property_Guidelines