Investing and Being a Real Estate Agent

[Carson Sweezy]

I am just getting into real estate investing, and will be purchasing my first property this year. I plan on using this property as a buy-and-hold, and "house hacking" it. In the future I would like to explore other avenues of investing. Becoming a realtor has crossed my mind as a way to generate more income while staying active with real estate, but I have heard that having a license limits what you can do as an investor. 

That being said, what are the restrictions a realtor has on types of investing they can personally do? Specifically, what types of investing (wholesaling, flipping, etc.) is a realtor forbidden from pursuing themselves? Is this an ethical issue, or are there laws in place against such actions? Do the laws vary by state, or are they imposed nationwide? 

Thank you for your reponses.