To receive referral fees, does my license need to be under a brokerage, or can I receive the referral fee if I'm just independent? 

I understand it's best to hire an independent inspector

Another downside is some students are entitled and/or not as independent as the typical renter - thus you must account for them contacting you more often if you decide to self-manage.  

For example starting payroll, filling W-9 for independent contractors, tax rules, bookkeeping e.t.c?

I'm pretty independent so if I was already out and away from the property I would tell him to sue me for it.

I retired at 32, after working in investment management (mutual funds) for 14 years.FYI: I gained financial independence by investing in real estate.

So you currently have income that you can rely on to get you to you goal of financial independence . 

I formerly practiced real estate law before I made the transition to opening my own independent brokerage and focusing on residential real estate.

If someone wants to get to what I call the Economic Independence point, where the cash flow is large enough to cover or exceed all monthly expenses, focusing on cash flow is good as long as the quality of the properties and the other criteria accompanying cash flow are still met.If on the other hand one is young enough and has a longer infesting career ahead so that the economic independence point is not the main driver, the equity you are pointing out can be used after a while by applying HELOC to keep growing the portfolio without losing the high-quality asset.In some ways, there are investments in real estate approaches that are more complex.

After two layoffs in the past 4 years, we have decided it is time to leave the corporate world behind and work as independent contractors, and take greater control of our future.