Never pay an upfront fee.You didn’t mention your state but understand that with little exception, an NMLS registration is only required for consumer-purpose loans.

Section 8 refers to a voucher that some people use to pay for their housing.

Step 2- close and start rehab-- would need to pay holding cost during rehab?

The reverse mortgage company wants buyout and I dont have over 200k to pay out.

Steady pay, you can learn how to manage property and deal with people, and you'll be licensed to handle sales on the side.

You don’t have to pay $20k+ to learn to broker loans. 

., get a higher paying job, work two jobs, go to trade school, get a higher paying degree, live in affordable area, etc...these are things that most of us did).

Assuming it simply won't happen, is failure to plan.

Remember, in this model, you are planning on holding on to these properties as rentals so pay now in quality, or pay later in headaches and repair costs.

If you are prepared for the costs involved and the modifications needed to the property to make the basement unit conform, the pay off of creating an extra rent producing unit is huge.