Success with Airbnb is very dependent on reviews, so you must go above and beyond the visitors expectations - which is time consuming. 

I've been consuming FI-related content, including BiggerPockets Money, but I've always thought of myself as someone who would do the safe and easy path of index fund investing.

I tend to modify is saying to "consumer debt is dumb."

That large at that price, that close to a major centre is lowish, especially if it can be subdivided into acreage properties (large lot/estate homes) or a neighbourhood of SF homes.Depending on the location the price can be low because it is in agricultural land which may be reserved and difficult or time consuming to have excepted out and made available for development.Also some areas will not allow for piecemeal development.

If it in an urban area it will likely be cast iron.

So, with low interest rates, buyers can spend more on a home, and have a lower monthly payment, and the Fed wants to continue inflation.BUT, unemployment is record high, Consumer debt is higher than 2007/2008, (our countries debt is higher now too so it may not be the best statistic, but either way, it's pretty high).

Regarding how to get money without the tenant's cooperation = While the exact process for landlords to apply for these funds still has yet to be ironed out, it's not likely that you will be able to do it without the tenant's cooperation. 

I am left to believe that taking the Series65 exam using form U10 will be of little to no value since that doesnot include registering as an IAR with any state.If this is correct then I would be left with the much morecostly and time consuming process of registering with my stateand paying yearly fees of $250+ in order to keep my license in goodstanding.

Also more up front costs to furnish, more up front costs to make it look nicer than a long term rental, more monthly costs because your paying for monthly expenses (utilities, consumables, broken things, (snow removal?)

Building from scratch is expensive, and time consuming.