You would have to pretty much get a property for free in order to qualify.I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.I paid $2,000 (one year's worth) in order to be able to receive funding.

As @Steve Jones mentioned, you should keep up to date with the city requirements.  

Even in the absence of a 1099, you are required to report all income on your tax returns. 

You do realize the only requirement to operate as an unlicensed broker is a drivers license?

While its not required to wholesale properties It's highly encouraged from a liability standpoint.

I'm not sure if I can do anything beyond call a heating company which I imagine has an opinion ab what I order.Eric,    When I get a new to me property i will generally do the work myself, everyone is afraid of it, but its really quite simple if you have experience with advanced home projects, I just applied to be an HVAC Contractor in WI so i can pull the permits and sign the yellow cards,  crazy part is in WI there is no experience or education requirement to be a Heating contractor, Just pay the state for a credential.   

If I did put in the amount that is required I think it could be a cash flowing property but I don't know if I can fork over that much cash for a rehab.

Here in Calif, 16-units REQUIRE BY LAW a resident manager - - check your State requirements.You could operate 15 units as rentals and use the last as office / utility space and avoid the manager issue, but at 75 minute drive, I would think you would want a PM.

And @John Chin, I want to be a real estate investor because I think I have the mindset, character, and drive required to become one.

A good agent will ask for POF, require a reasonable inspection period, and protect the seller from unlicensed brokers.