Having spoken with a few securities attorney about it, there is no loophole: if you're a passive investor and he's managing the investment, then it's a security.The only way for it not to be a security is if you have an active role in managing the investment, however limited that role is.With that said, there are people doing JV deals every day and it's not like the FBI is going to kick down your door and send you to jail.

I see this parking spot as a common element-part of the property but deeded to no particular unit, so not a limited common element. 

Defense costs are not cheap, and this is over and above the liability limits you have on your policy.

It seems as though 804C provides the limitations on showing any preference as to who you are looking for. 803 almost seems to counteract this with us having under 3 properties until I reread the line "Nothing in section 804 of this title (other than subsection (c) ) shall apply to". 

The money down has helped drastically limit the people who walk away at any point.

Justin Pergo has a new laminate called outlast at Home depot it water , dog, kid resistance and you have 24 hours to remove spill and a limited life time warranty

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

There are plenty of ways to get started as listed above but it is also mandatory that you repair your credit or you will always be limited.

They also have a limited lifespan of about 15 years, and they stopped making them in 1995 due to massive lawsuits against obvious defects and limited lifespan vs. copper and others.

@Ryland Taniguchi since you are an agent are you recommending she not listen to you  :)I think you have to quantify the question and the response.Your not an average buyer with only 25k to work with .. your in the business and obviously a developer of some repute and success.. for those with limited capital and competing against guys like you and I.. the realtor is correct its a sellers market.. the issue for these folks also buying off market is they need FHA loans and many houses need to much work to qualify.. so you really are stuck in a narrow window to buy.4 plex househacking for someone with @Angela Jossy capital is one of the best ways to enter the west coast market.. all the other things like buy a sfr or whatever those are folks that don't know the price ranges on the West coast its not that easy for someone with 25k.