I would appreciate your thoughts on a few hypothetical ideas.If its one person, a 3x ratio suffices.

Do those not suffice? 

@Michael LewisThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

Of course the NC real estate commission will say you  need a license because they will get more money and they love putting up bureaucratic red tape.If you have the owners written permission and get the owner to sign a sublease, that should suffice to legally.

Also, in Central and Northern Jersey, is it true that you have to use a lawyer, or will a title company suffice?

Suffice it to say, the things you are looking to answer I speak to in that blog post.

I'll expand on my future experience in future posts, but suffice it to say that I learned quickly that business must be treated as business first.

I just want to document it I used the Texas Association of Realtors form, but I'm sure the BP one will suffice.  

The 3rd floor rarely has theirs on as the heat below suffices.

I'll send you a PM but suffice it to say it sounds like you need a investment-minded/experienced realtor to start with.