A friend and mentor of mine is a real estate attorney genius and manages a literal $1B+ portfolio across broad asset classes including: restaurants, 500unit+ mixed use developments, hotels, storage spaces and hundred year land leases..they are refinancing several building at +/- 5.5% At scale - the impact is monumental.

That’s on the individual.

On the other hand a friend owns their building and I suspect this is not good for him. 

When starting out, you should consider family and friends to be your private money lenders. 

The way it works is that you set up a Series LLC, then you setup individual "Series" or "Cells" under the series LLC for each property.

Lower taxes, more landlord-friendly laws, and plenty of value-add opportunities.Both markets can work really well — it just depends on your personal preference and what kind of investing style fits you best.

Do you have one lease for all tenants, or individual leases for each tenant?   

I am not an expert on FHA loans but being a self employed individual the lender may require accountant prepared income statements- I said may Because it's something you may want to look into. 

When they're thinking of moving.Many of your friends and family won't use you. 

These events will help you get perspective, mentors, like minded individuals that can help you get started when that times come.