Having one 50+ Unit apartment complex can be just as beneficial, if not more so, than owning 50 single family homes.

Converting your term policy to some type of cash value would be poor financial choice, your premiums could easily increase 10-fold for the same coverage.You can use your Roth and Traditional IRA (and 401k) to setup and moved funds into self-directed IRA, which would give you the freedom to invest into any investment opportunity. 

Proposition him that you will bring him all your closings and provide referrals and start establishing a mutually beneficial situation.

The obvious and best choice would be for him to work for free on a flip and then we split the profits. 

After making some improvements, the home is now worth around 210k give or take and I don't know the strategy that would be most beneficial in expediting the growth of my portfolio. 

Using FHA to get my first decent rental property seems to be an intelligent choice since I am currently paying $664 per month for rent before utilities.

If it leads to something mutually beneficial, that's great too. 

It might be beneficial to take on partners or at the very least create your own business/LLC to at least give the appearance that you are not just a small individual investor.

Last choice (for me) would be using threaded fittings and pvc/cpvc/pex line. 

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.