Unless I'm missing something, I can easily afford it but the problem might be getting the financing so I haven't looked into it yet.

I took a few years off, but have been active the last year and have expanded to the point of I could do this full time. 

For now I'd be looking to use it just for research purposes, and will be looking to expand my use of the license in the next year or so (long story short)With my education and career experience I could qualify for the Managing Broker license.

Seller agrees to apply $500/mo towards a reduction in the final purchase price"This was quite generous, since the going rent rate is easily $1600/mo in my area.So, if you don't buy, there is no price to reduce, but I guess it should have stated that it was forfeited altogether.  

@Kenneth Shelley   another way to put what Don mentioned is you may want to walk before you run.if at this point in your career your asking these very basic questions your not really qualified to lead your investment group.. you may make it ok but you could very easily go through a steep learning curve and lose your close friends money and based on my long career working with investors I can tell 1000% you lose their money in a RE deal and you are no longer friends no matter how close you think you are now.as for some constructive feedback here Is what I would consider if I was in your shoes.I would get my Real Estate license so you can prove to them your a professional and care about your craft..

Can you expand more on the first property you purchased?  

I do this easily on my own flips.  

I will Definitely call the City to make sure I can alter the structure to begin with and it can be permitted to expand.  

I understand marketing services, the power of zero can easily be presented in an exciting manner, I'm sure, but going deeper into no interest loans can cause more hardships than just imputed taxes too. 

I have been into  SFH investing except for one small Commercial deal and I am here on BP to expand my capabilities