Here's a partial excerpt of the definition of a Real Estate Broker - which requires being licensed:"...buys or offers to buy, sells or offers to sell or otherwise deals in options on real estate, or advertises or holds himself out as engaged in the business of selling, exchanging, purchasing, renting or leasing real estate, or assists or directs in the procuring of prospects or the negotiation or completion of any agreement or transaction which results or is intended to result in the sale, exchange, purchase, leasing or renting of any real estate."

SRQ and LWR are not cash flow friendly from what I've seen.In regards to acquiring the investments, I'm sure I could figure out how to procure funds for any deal that looks good.I'm still going through available houses/deals to gauge what I'm actually expecting from the deals.

2) What contracts and what clauses do I need and how can I procure them on the cheap?

.- If zoning/covenants/deed restrictions are very restrictive and a SFR is all you can do, consider clearing the lot, procuring an architectural plan and BoxBrownie it and sell it as an empty lot and a plan. 

If you view an open house without your agent present you should let the listing agent know you are working with an agent during the 1st few moments of the conversation and give the listing agent the contact info or business card for your agent.If not the listing agent can make the case that they were the procuring cause for the sale and not your own agent.

What kinds and limits of insurance coverages should I require the tenant to procure?

The industry term is called  procuring cause.  

I too am looking to procure my first procuring within the next few months.  

You may find that you won’t neen most of what the “full service” brokerage is providing or that you prefer to procure those tools on your own for a lower cost.

Do you really think selling drugs, doing money laundering, etc. will shield the people who are procuring them to be done?