Honestly xcel has everything you need if you use it properly.The hardest part will be setting up all the references and equations for your specifications.If that might seem a little too much of a challenge for you I would put an ad into your local college newspaper offering $1000 for an xcel spreadsheet that you can build upon and let a college intern/professor/student build you one for weekend beer money.

much like a dorm setting. 

You don't want them to actually pull your credit, but go in and set up a meeting with them and walk them through your situation honestly, and see what they can do to help on financing. 

Basically, all you are doing is setting up an escrow account like a guardian of the funds. 

We're basically wanting to learn the ropes to serve ourselves when purchasing properties but would also like to be qualified enough to help friends out if they too are in need of purchasing property.Our big concern is that getting licensed will require my wife to have to work in an office setting for a certain period of time, which currently with the children is not an option.  

Better to set yourself up with a HELOC use it for down payments on investment properties. 

I am not a tax professional but I believe the tax basis automatically gets adjusted upon a transfer due to death when the property is transferred from a parent to a child. 

Set up a free consultation with the attorney to work out a strategy in case your neighbor files a civil claim.

Start slow and set an attainable goal.

However, the after the 5 yrs it is adjustable with no cap.