@Chris GatesI have found having a license is quite beneficial, but since you're not a broker you will want to confirm that whomever sponsors you is understanding and accepting of your desire to be an investor.

In this case you always have money left in the deal.3)You never pay PMI (private mortgage insurance) if you refinance at 80% of appraisal or less.4)In Texas (and perhaps other states) if you refinance within a short period there is a discount (40% I believe in Texas) on the title insurance for the refinance.This actually saves more than the cost of the additional lender’s title ($100 in TX) when purchased.In my case I didn’t even purchase lender’s title when I bought the house with the friendly loan and still got the discount when I refinanced.My friendly loans are with my own money, lent to a friend with a personal loan, who relends to me with a mortgage loan.Our terms are mirror image for the personal loan and the mortgage loan.Ideally the loan includes all costs, including future repair as I want to be able to get all money back when I refinance.The ultimate refinance means you have no more than 80% or less of market value total into the property so when you refinance you have no private mortgage insurance to pay.That also matches with conventional loan standards of 80% LTV for investor purchases.There is no industry norm requiring you to wait any period of time for a “rate and term” refinance so you refinance as soon as the rehab is complete.There is no law about getting a “cash out” loan immediately.That is simply the current lending standard for most lenders.A “cash out” loan is one where you paid cash for the deal and now want to refinance to pull your cash out of the deal, hence the name “cash out loan”.Unfortunately industry norms currently require you to wait for 6 months before they will give you the cash out loan which is the reason I use my “friendly loan”.In Texas, once a cash out loan, every refinance by the same owner is also a cash out loan.In Texas, cash out loans are more restrictive than refinance loans and cash out loans do not qualify under some government sponsored finance programs available to rate/term refinance loans – another reason I prefer rate/term refinancing.I recycle legal docs (promissory note, deed, and deed of trust/mortgage) that I got from an attorney that I alter for each purchase.

I only work with a select group of DST and TIC sponsors who have long experience, good track records and have the investors' benefit front of mind.  

Some already have the money over here and get a sponsor to head up the project or investment.There is so much money in the U.S. right now that I won't spend any time with out of the country investors unless I can validate everything in advance and they follow all the steps.

For Oklahoma you start as a PSA, provisional sales associate after you pass a test then you become a SA, sales associate, after you hold that license for a minimum of 3 years you can get a broker's license.As a PSA or SA, you have to have a sponsoring broker.

I've worked with Williams, Zinman & Parham:https://wzplegal.com/They are an AZREIA sponsor, specialize in RE investing and the attorneys are investors themselves. 

I don't have any experience with them, but vantageiras.com are an AZREIA sponsor.  

CMBS loans are non-recourse, allowing sponsors to keep contingent liabilities off of their books and typically feature 10-year balloon payments with a 30 year amortization (full-term or partial interest-only may be available for quality properties and/or low leverage transactions).

I'm prepping for my first interview for a prospective sponsoring broker.

We brought in a sponsor on the loan to increase our joint networth and liquidity.80ltv is possible but harder to find.