@Charles Stubblebine In our market you can easily qualify for a 3% down conventional loan with equal or better terms than the FHA loan. 

Taking action is the best next step since you've already been listening to the podcasts and getting involved in the forums (it's also the hardest :) Since you have a good job, find out how much you can qualify for and go from there!

The couple is MFJ and qualify for the $500K exclusion which leaves a net LTCG of $700K ($1.2M - $500K).

As part of our re-learning quest, we're trying to dust off some cobwebs and brush up on the math skills.

That requires non-mathematical skills - relationship building, persistence, diligence, organizational abilities - that will help you go ahead of the math nerds ;)P.S.

At least qualify the person as if they where renting. 

In order to sell real property in most, if not all states, you’ll need to work under a qualified brokers license.

My background is in the golf and financial service industries and I want to utilize my skills, work ethic and passion to become a full time real estate investor.Feel free to reach out. 

But I don’t qualify for that cost. 

Then you seat doen with them and ask few questions to qualify them.