Being a friend to walk through a house you want to buy and seeing if it fits your needs sounds like a non issue.

Increase in Family Size - A borrower may be eligible for another house with an FHA-insured mortgage if the borrower provides satisfactory evidence thatThe has had in increase in legal dependents and the property now fails to meet the family’s needs; andThe loan-to-value (LTV) ratio on the current principal residence is equal to or less than 75% or is paid down to that amount, determined by comparing the outstanding mortgage balance to a current residential appraisal.Vacating a jointly-owned Property - A borrower may be eligible for another FHA-insured mortgage if the borrower is vacating (with no intent to return such as divorce, legal separation, etc...) the principal residence which will remain occupied by the existing co-borrower.

If he is interested, I'll share what I know about him and then you can contact him directly to see if he might be a good fit for you.

Thank you @Raul Pelcastre @Roger Pokorny @Josie Roman and NA Beard, are there actually certain requirements for a property to fit into a certain "class" or is it more just by feel about the property as a whole?  

You will have to vet the market, and the neighborhood, to see if it fits your strategy should you choose to go turnkey.

This area is a new development and lots are selling for 160k - 225k depending on lake view/size/layout.

The devil is always in the details....In short, Portfolio Lenders can be a useful tool for long term investors where the Community Banks/Institutional banks are not the best "fit" for your long term Portfolio.  

Most new people getting into real estate try to find step-by-step methods where the numbers fit at some percentage rule of thumb.

There are many different situations that a TIC agreement may fit well.

Obviously not setting the world on fire, but with $0 money coming out of my personal funds and growing my portfolio with nice, easy to rent properties, it fits my niche.