I am a licensed salesperson in Texas and am about to take my exam in Louisiana.Nice to meet you all – I'm excited to get started! 

@Wayne Brooks, gotcha. hadn't considered that variable - yet another reason to examine the agreement. 

I retook the whole exam in PA after 12 months and got like 98% on National and 85% on PA questions with less than 2 hours of studying.

Just examine your situation closely.

I am about to finish my online RE pre-licensing class (99% done, still need to take final exam) and plan to take my licensing exam in July.

I would suggest that you take a list of everything you've seen in the last couple weeks and find the few best properties in the stack and re-examine them a bit closer.

I work through scenarios exactly like this every week with clients - we examine the returns based on the full range of down payments (20% to 100%) and then layer in the domino effect you can create by paying off one of the loans early. 

If you are selected for examination the IRS will ask for them.Are you subject to the Net Investment Income Tax (NIIT)? 

Using "Stadnard 80/20" won't hold up in any type of IRS Audit or examination. 

Carefully examine the experience and character of the sponsor and you'll tilt the risk curve in your favor.