I was reading about it and it seems extremely similar to the 506b except has a limit on amount raised.  

Single-family home sales declined from February 2016 in many cities surrounding Austin, with the exceptions of Buda (up 30 percent year-over-year to 26 home sales), Cedar Park (up 20.7 percent year-over-year to 70 home sales), Leander (up 8.8 percent year-over-year to 62 home sales) and Austin (up 6.4 percent year-over-year to 617 home sales).

He doesn't know much about real estate, neither is it his area of expertise, so he will be bringing nothing to the table except money.

The water bureau will make exceptions for freak bills, at least as it relates to setting the yearly CCF sewer use.  

He prefers to stay south of the river, but may make exceptions.

The exception to this would be if you are forming a disregarded single member LLC.  

Over the two years of the rent-to-own contract, the tenant/buyer made all his payments except for the last one.

Rest of the house looked quite decent (except no kitchen). 

So do you find most of your success in this area through working with your network of people and finding those few exceptional deals?

Timely and clear communication is vital.