In particular I want to get 10 x $50k homes.My taxable salary is low at $36k per year, but I have a large amount of tax-free income (I work for the government).My issue is that I don't think they will loan to me after a certain point with such a low taxable salary.

The rules that govern whether something is a security or not is a threefold test.  

https://www.foxnews.com/us/man-south-florida-villa-government-auction-land

Government and obviously out of the country for the next year or so.

@David Asche,While it’s legal, and perhaps even encouraged by the government to avoid taxes by doing things they want us to do (invest, support the housing market, creating jobs, etc.), they really frown on evading taxes.

See if your local government is on this site: https://qpublic.schneidercorp.com/It will show who owns the properties.

On the other hand, those issues and government dysfunction have existed literally for decades, and yet we keep chugging along.

I think too many agents stop being concerned with how to help from an investor standpoint when they hit a comfortable groove so I come on here all the time to read up on issues and solutions from investor viewpoints, lender viewpoints, contractor viewpoints, agent viewpoints and sometimes even governing body viewpoints (usually the least fun to read but still informative all the same).

The current federal government is messing with this a bit which is likely to what your accountant was referring with "Taxes might be the same".The other thing to consider - and discuss with your accountant - is the treatment of capital gains when you dispose of property.  

@Nandy B. if your local government and housing codes allow it, you should be fine