How many spend a bunch of money on getting licensed, paying desk fees, gas, time, energy, marketing, hitting up all their friends, relatives, Top 200 list, to be a wash out.

The subject property is a homepath single family ranch style property with 3 bedrooms, 2 bathrooms and a basement with 1344 sq.ft listed at $195k.

Purchase a property in which the seller owes about what the property is worth and purchase it "subject to" the existing mortgage.You would probably have a better shot at success by finding a for sale by owner situation rather than a property listed by a broker.Prior to the passing of the Dodd Frank Act and the creation of the Consumer Finance Protection Bureau, some hard money loans and some private mortgage financing was available for people intending to live in the property they were purchasing.  

The following link has a list of lenders. https://www.biggerpockets.com/blogs/3441/51027-nonrecourse-loan-debt-for-self-directed-solo-401k-investment

How do you create a buyer's list.

TAKE A LOOK.http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?

I have definitely seen duplex down condos that have basement ceilings shorter than 7.5ft but still count the bedrooms in their MLS listing.

I'll be taking a listing on a property this week that is literally the best piece of land for a roughly 200 unit SFH community around.

Given that the Multiple Listing Service, or MLS is the best resource to use.

Your friend will have to discover that on his own at some point.