Unless there is something significant I am missing I think you should do some more reading and research so you can find a project that will be both attainable and profitable for you.

Significantly, for you, they allow higher contributions ... up to 20% of your 1099 income ... tax free.  

I don't know if he took the proper precautions and tested the pressure on the water pipes before he purchased nor do we know if he just let this bill just pile up after watching a significant jump.

Yes you can do off comps, but personally, i don't have the confidence to pull the trigger without significant exposure.

He has connected with significant investors, politicians, angel investors, venture capital leaders, and people who have and are excelling in their fields.  

Tenants on the way out will often leave you holding the bag.Unless it is a significant amount they owe, it is not worth the chase.

Also, around here I believe you need a significant deposit and clear proof of funds.

Unless you do a rehab or figure out a way to add significant value, you typically need to live in a property 3-5 years in order for appreciation to overcome the closing costs you paid up front.  

If you are seriously concerned about mortgage rates increasing significantly, there are ways to protect yourself (lending as indicated above; retaining a substantial cash reserve to pay-off properties if interest rates jump, etc)I hope some of this helps.

My significant other and I made our first deal in real estate last year using a VA loan.