You only lose your money if you sell when it is down.

For me I diversify into real estate as well as other asset classes and put most of it in lower risk areas (I am closer to 50) and have some “play money” that I am willing to put in riskier investments.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

By having the money up front it will be very easy to buy properties.  

For property tax reasons, these lots were tax assessed at no less than $5,000.To put this in perspective in today’s dollars (this was 40+ years ago) he would have paid maybe $500 for a tract of land tax value of $35,000.  

I don't like the terms and would try to avoid.We could still do a conventional loan and if I'm not mistaken it'd be this whole "gift money" thing so the shared ownership wouldn't be recognized legally.

Property taxes are good, when comparing to California, (we are from San Diego)

Has anyone wasted money on some of these programs like I did? 

o Full doc (pay stubs, taxes, personal DTI) or light doc (asset-based, DSCR)?

Just a way for them to make money.