Converting your term policy to some type of cash value would be poor financial choice, your premiums could easily increase 10-fold for the same coverage.You can use your Roth and Traditional IRA (and 401k) to setup and moved funds into self-directed IRA, which would give you the freedom to invest into any investment opportunity. 

The obvious and best choice would be for him to work for free on a flip and then we split the profits. 

I know this won't be a popular opinion but my take is that market conditions don't really matter.

Using FHA to get my first decent rental property seems to be an intelligent choice since I am currently paying $664 per month for rent before utilities.

And if ne has bad intentions a lot of time people think they can do and have what others have without working or getting the knowledge for it and then they buy something like a property to try the get rich quick ordeal and then they find themselves upside down and people like us come in and get a great deal off there ignorant and greedy choice the made.

Last choice (for me) would be using threaded fittings and pvc/cpvc/pex line. 

I may put a neighborhood (if its a popular well known one), a block # (xxx block of main st).

Every one have a choice to quit whenever they can. 

If I pay you one month's rent to fill a vacancy, stand behind your tenant choice and spread it over the tenancy or at least 6 months.By triage repair requests - I mean to ask a clarifying question or 2.  

Especially, if you decide to buy in San Diego neighborhoods near high demand or popular areas such as beaches, entertainment, tourism, etc.