A summary of the changes can be found here:SEC Staff Recommends Updates to Accredited Investor DefinitionWhat's good:You can now take a test to qualify under the proposed rulesThere seems to be some critical thinking about the thresholds and indexing them to inflation instead of picking an arbitrary number and leaving it staticThere seems to be some critical thinking about who can invest whatThose with experience in private deals can exempt outWhat's bad:It seems hard for portals or funding platforms to implementWealthy investors are capped unless they make over $500k annually or have $2.5M in net worth

If you get an FHA loan like the others say, and you buy a fairly cheap property then you should still have a very nice cushion in your savings. a $50k property with 3.5% down would be $17,500 down leaving you with $12,500 in savings.Now, if multifamily properties in your area aren't selling cheaply enough for you to get a deal like this then maybe I would say look at a different route.

You might leave a little money on the table but you will be protecting your profits much more than averaging things or taking the lowest guesstimates.

The key is to not be greedy, but don't leave too much money on the table either.  

That leaves your profit of $35,000.

The problem I had was it was two properties different owners and one was for 43,500 it's hard to find someone to loan on that and with putting a lot in it leaves me to close for my comfort  on the other one.

If my W2 income is $5 k a month and my primary residence mortgage is $1,000, that would leave my DTI at $6,000/$12,500 = 48% - still an unacceptable risk for most of the banks I approached...When I had my W2 income and only one or two rentals, I had no problem getting approved for loans.

I have a full time job and can't just leave for a few days when I am needed.I would get a better bang for my buck it this area, but I'm unfamiliar with it.

I will leave the (I)legality of it out of the discussion and just look at the overall strategy.You would need to get your agent to get an offer accepted on the property and then you would need to find a buyer willing to pay you a price that is higher then the listing agent and every other agent who is a part of that MLS could find another buyer to pay.

I leave it to you to decide whether or not this price is worth it.