These loans are focused on your credit score, lease vs principal interest, taxes, and insurance, and liquidity position for qualification and do not require tax returns or W2’s.

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

And even then...many state / local jurisdictions require effectively no specialty knowledge.  

We have a B-D (who was introduced to us through a RIA).If you are doing the Regulation A+ the B-D will mostly require a FINRA approved platform for raising capital.

What's changed is the bar of required professionalism has raised, significantly. 

The requirements, costs and regulation is different in every state.

The function you require would make the difference on any potential referral.

So in sum a downpayment does not include all the cash onhand you are required to have.

Obviously, 203k experience is helpful with a contractor, but not required.  

I have a leak coming from under the tub which would require removing and replacing the tub and tile due to the damage it is causing in the downstairs apartment.