Your plan has a lot of positive elements to it - I do see a few things that may not be necessary or work as well as you think.1.

I will bust my behind the next 10 years to get in this position.

I'm looking at getting something with positive cashflow here in the North Bay as well as other places.

However FHA only requires you to occupy the property for one year, so if you do that and then move out then you can rent out both units and be in a better position to cash flow.

I will not buy a property unless there is a healthy positive difference between what I need to pay monthly and what i can earn.

What if one investor likes debt and the other does not want to be in a first loss position?

Anyone have any positive/negative experiences with this tool?

I can't afford somebody else to go do it right now, but I'll probably man up and get it done at least the first time or two.I think I can pull an ignorant newbie position the first time...

Would private money be willing to take a second position?

Have been looking around at posts, and already listening to the podcasts and learning a lot about strategies others have used who were in my position in the past, BP podcast 23 with James Vermillion was great.