He doesn’t get rich off it.

You will see the points and fees are usually higher than traditional bank loans for the type of loans we need, unfortunately part of the business. 

Wholesaling is not a get rich quick scheme. 

The other two are traditional IRAs I believe

The USDA backed loan is very appealing...but the kicker is that they will only finance non-income producing property from my understanding, or more traditional forms of multifamily property. 

MY understand was they do not grant you real property rights like traditional real estate assets (condos, SFH, etc).After these realizations I decided that if I wanted to own a real property, within my budget, I would need to leave NYC, and move to another state.

I am also sure that there are many of us on here that wish we were rich enough to forgo rent.I think a large part of it depends on your business model.

For example, Redfin, Opendoor, and Homie are taking on the traditional real estate sales model. 

HUD doesn't finance, and the other two are where you would get the traditional financing from now...that you stated you can't get.Seller financing is best done when the seller has 100% equity in the property.

You can get a single family house upto a fourplex using traditional financing.