Forming a RE business

[Daniel Hayes]

Seeking advice...

Over the past couple years I've rehabbed (i.e. subbed out) about a dozen houses, but still have very little technical knowledge regarding land development and construction.  I'm at a point now where I'm considering turning this "hobby" into more of a business.  As a first step, I'm reaching out to BP community can help me answer some of my most pressing questions:

• 1) As someone who has no construction related license, can I own a business that builds/rehabs residential real estate?  I'm assuming I can or the rest of this post is pointless. 
• 2) My plan is to find a young, hungry GC to be my only employee and use his license to pull permits.  Over the past couple years I've established good relationships with subs I'd like to continue using, so the GC employee would be there primarily to monitor projects, manage the logistics, protect me legally, and pull permits.  All good so far?  Or am I missing something?
• 3) Business would focus exclusively on spec houses and flips.  How do lenders view start-up construction businesses like the one I'm describing?  Assume I have $1MM liquid assets I'd be allocating towards this business.  I'd like to have 4-5 projects going at a time - in my market that means I'd need access to ~$3-4MM worth of capital.  Is this leverage ratio something traditional lenders allow with a business model like I've described?
• 4) Any particular books or resources anyone would recommend for something considering this next step?
  
• 5) Any words of caution from anyone?

Thank you in advance!