I just put in $20,000 new sliding, $5,000 new electric box and wirings, carpet, water heater, new paints, new fridge, new vapor barrier and insulations.

It would make sense to use an Insurance Company that is Mutual, Participative and Non-Direct Recognition ( I would highly recommend one company) to maximize the performance of the cash value and subsequent use as collateral for any purpose, keep in mind, we are talking about Whole Life, Whole Life DOES NOT HAVE SURRENDER PERIOD, VUL or IUL does and that is another story.Also I personally don't believe in the "buy term and forget the rest" strategy, term can be very useful but not as a stand alone solution.   

I subsequently let the seller talk his way down on his price and we eventually settled on $600k total with him financing nearly 50% of the deal at 4%!  

& I ask that because I had someone once try to sell me a house with a (Insert: "A title issue" OR "because the foundation was sliding into a lake")A lot of times this will get them to offer their true motivation instantly.

This is saying an extra principal payment reduces the interest due in all subsequent months.

That deed isn't valid until it's delivered to you, and you're only secured as against the land bank's subsequent conveyance when the title company records. 

To that end, the IDFPR has authority to initiatedisciplinary proceedings against licensees for violations of the Illinois Real Estate Act of 2000.The IDFPR may “refuse to issue or renew a license, may place on probation, suspend, or revokeany license, reprimand, or take any other disciplinary or non-disciplinary action as theDepartment may deem proper or impose a fine not to exceed $25,000 upon any licensee underthis Act . . . for any one or combination of” the grounds for discipline set forth in §20-20 of theAct, 225 ILCS 454/20-20.Additionally, a licensee may be subject to both civil penalties and criminal liability for theunlicensed practice of real estate brokerage:Any person who practices, offers to practice, attempts to practice, or holds oneselfout to practice as a real estate broker, real estate salesperson, or leasing agentwithout being licensed under this Act shall, in addition to any other penaltyprovided by law, pay a civil penalty to the Department in an amount not to exceed$25,000 for each offense as determined by the Department. 225 ILCS 454/20-10(a).Any person who is found working or acting as a managing broker, real estatebroker, real estate salesperson, or leasing agent or holding himself or herself out asa licensed sponsoring broker, managing broker, real estate broker, real estatesalesperson, or leasing agent without being issued a valid existing license is guilty ofa Class A misdemeanor and on conviction of a second or subsequent offense theviolator shall be guilty of a Class 4 felony. 225 ILCS 454/20-22.It is a fundamental principle under Illinois law that parties can agree to any terms, and can contract in any situation, as long as there is no legal prohibition or public policy that dictates otherwise.Contracts for the sale of lands, tenements, or hereditaments or any interest in or concerning them for a term longer than one year must be in writing to satisfy the Frauds Act.

He was further validated in a subsequent comment by @Nick Chucales who, until very recently, was an investigator for the Ohio Division of Real Estate.

You would have to get a conventional loan for the subsequent properties until you refinance out of or pay off the FHA loan.

You would sell one or more properties (“relinquished property”) and subsequently build or make improvements on land that you already own (“replacement property”).