If you don't have a ton of cash flow and no liquidity it can be a really dangerous path.

It can also be pretty dangerous if you try to reinvent the wheel or get too creative. 

The distinction of Real Estate professional is deriving your income from spending more than xxx hours working in the Real Estate profession.

A real estate professional is a distinct designation from the IRS and there are certain rules/thresholds to do before you can call yourself a real estate professional for IRS purposes.You may want to factor in all of the above to see what the cost of cost seg will be and what your decreased tax liability will be for 2017 and what your refund will be from carrying back the NOL to 2016/2015.

Emphasize the simple truth, that you don't know if the water leak is putting the other tenants in danger, as it put you in danger.

The danger is that if the PA Real Estate Commission decides to come after you, you're not going to "win" in any scenario.

The danger is that the insurance company doesn't screen the way a Landlord would.

Most mold is not dangerous and - as you pointed out - it's everywhere, even in the air outside.

Rodric,There is a great article, I think Brandon Turner wrote it, on here discussing the potential dangers of wholesaling without a real estate license.

There's no shortage of people that can easily afford $500k with the "average Joe's" being the ones who tend to rent in the area, double and triple up in apartments, commute from far away where prices are cheaper, live in the more dangerous parts of town.