First venture into REI.

@Mack Bailey To add to what @Wayne Brooks said, a seller in foreclosure may agree to a sub-to because they are going to lose the house and their credit is taking a beating anyway. 

Is it a bad venture?

@Joey BiccumI would venture to guess that anyone in your area who chooses to rent a place to live for $1900/month has made multiple housing decisions about their lifestyle that are unconnected to any sort of poverty they are experiencing.

You are venturing into building new homes.

But I didn’t want to do a cash out refinance because I’d lose my lower rate.

My friend and I are starting a joint venture in Pigeon Forge, Tennessee.

They get the return they were promised, or they lose the money to a failed investment and it's done.

Fannie Mae subsidizes interest rates and loan terms, so if you want that subsidy then your LO needs something that can be sold to Fannie, which is where the profit is at in mortgage lending.There are non-Fannie Mae loans that do not care about FNMA rules, but you also lose the FNMA subsidy on the rate and terms.

I'm a Socal realtor and I am venturing into wholesaling.