Remember that Freddie limits you to 4 loans while Fannie allows 10.

I live in California and here the law limits non-exempt private lending to 10% annual interest.

They are also the most mobile and 'entrepreneurial' generation, so roots are limiting and scary.  

Resources for FLAhttp://www.amazon.com/Form-Limited-Liability-Compa...http://www.amazon.com/Land-Trusts-Florida-Mark-War...

Is there any particular reason you're limiting yourself to Hobart?

My local market is limited and has weird economic dynamics that make me think about investing remotely every day.While "YES" remote investing is certainly possible, I see that the only way to be successful is to have robust and redundant systems in place in your remote market. 

The proposed 20% of annual profit and 20% property value sounds like a good deal, given the limited value I'm bringing to the deal. 

The owner is pretty much stuck, the use of the property is very limited and the lack of financing alternatives drives marketability down as it is also reflected in the value.

Also, see if you can get a sense of the stance towards renters (problems, fees, limits, etc).5) Can you exit, even if owner financing them?

Something else you might want to look into are the income limits here (in some counties it is a bit higher than most people think) for qualifying for support/programs.