They aren't into doing "work", like taking classes, passing tests, doing reports, paying brokerage fees and being supervised.

Qualification Tests Overview:50% Test: Real estate professionals must dedicate over half of their annual working time to a "real property trade or business."

Similar to #2 but its based on the eye test, looks for rundown homes in your target neighborhood.

On small balance preferred equity, rates are 15%+ so this fails that test in my opinion.

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

2) Can an MLO operate in multiple states after passing those state-specific tests?

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

I'm basically in the process of learning more about marketing and testing to see how much I can do by myself. 

Limited partner tests are not as expansive as non-limited partner tests. 

I did a small test drive, not enough for a full review.