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.

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

That’s on the individual.

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. 

Hey everyone — I’ve been using a custom AI analyst called BRRRR Brain to underwrite deals, and it’s been surprisingly solid. It’s built specifically for risk-averse BRRRR, Rent-vs-Sell, and Refinance analyses — not fl...

I'm not just talking about underwriters here, but every single role on our team.I believe that underwriting requires a certain skill set and mindset, often attracting individuals with an analytical and detail-oriented nature.

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