That's not to say it's not a good deal, it looks like a good deal to me, so long as you don't need that cash flow to live on right now.

As long as you have a goal in mind and you're working towards it, you are a success. 1) I have my real estate license.

As long as you have a day job, and do R/E on the side, the if your income exceeds $100K, your allowable loss slowly reduces and by the time you hit $150K, the current year loss is zero.

However, many of these homes were built right in the "they don't make 'em like they used to" fashion and as long as they have been cared for properly, there are no structural issues.

To me, business policy can be adjusted as needed as long as it’s applied evenly to all your tenants to avoid discrimination and just being unfair in general.

I would confirm with your lender on this, but as long as you live in the second home for 14 days, you could rent out the other days.

Truth be told, most investors won't care so much about what your fee is, so long as the deal still makes sense for them to buy at your asking price for the contract (some will try to negotiate your fee). a general rule of thumb is a purchase price of 27-30% below market. 

I agree with the no to the boat and while I am usually fine with tenants finding significant others and moving them in (as long as the occupancy numbers are safe), this one sounds like a gambling debt coming in hot after a night in Vegas.

Overall, from the research I have done and interactions I have had with this particular couple who have been foreclosed on, I am as close to certain that they know they were foreclosed on properly and drawing it out as long as they can.

If both the cost and interest rate are comparable to a Conventional Loan, I would say it's a great program--as long as you don't mind working with a bank representative.