(That's a hallmark of poorly written legislation, see HIPPA and the Affordable Care Act for further examples.)  

Goal - purchase houses to make more moneyhow to get there - do whatever it takes. even if it's working on the house after kids go to bed until 3am and pick up materials at 6am. save every penny you can until you can afford to hire it out.the end.

Ah WiFi.Second try.....I do not think I can afford investing in RE in the New York Area.  

I think it is a start if that is all you can afford..

The lot is on the order of 12,000 sqft.Also, does it make any sense to pursue "Affordable Housing Finance"? 

The second girl however, has a masters degree in psychology and is working for a health company right now in Southern California and wants to transfer back to Northern California to her old job (another health company).

If they can't afford the monthly mortgage payment, then they can't afford a rent payment that is just as high or higher.Better than Sale & Rent-back?

It will mess with you naturally, you might think someone is going behind your back closing deals et...And last you guys need split EVERYTHING 100% and make sure your partner understand finances and what it take sto keep business flowing, if hes bad with money and you are, you will end up fronting every time mailing need to done etc..And it will hurt your relationship...Both you and your partner need to know, it cost to keep phone lines on, buying your mailing list cost, sending mail will cost, you might hire a couple VAs to do small things.. that will cost,  cleaning your list up making sure your addresses are correct will cost, going to see clients will cost you..Theres alot to having a partner so think of these things when you get into business with someone...Iron all of these out from jump..And of course things happen maybe a family emegengy and your partner cant afford to put as much everytime...Just make sure you work all of it out...

My question is:  I can not afford this property unless absolutely no one else shows up!  

Yes, they could move out overnight and I may never get paid, but legally they are responsible.3) A security deposit shows 2 things: 1) they have the money to afford security deposit and rent (credit and income verification will prove this anyway) and 2) they are responsible for any damage they create and there is an incentive (as small as it may be) to not leave the unit damaged.You may also have the opportunity to increase rents when asking them to sign a lease, of course given 30 days notice.