Different professional groups (such as narpm.org) can give you amazing training for that.If you are supposed to be supervised prior to you becoming a broker, maybe working with a sales company as a broker- associate would be the right way to go. 

My intention is not to boast but to inspire and share the significant impact that BiggerPockets, especially Joshua Dorkin and Brandon Turner, have had on my life.I first encountered BiggerPockets at 23 while enduring long 14+ hour days as a pipe fitter on hydroelectric dams in northern Manitoba, working 21 days on and 5 days off shift schedules.Although I was earning well for my age and educational background (I barely graduated high school), the job was unfulfilling and almost toxic, mainly because of the dynamics with the associates in the industry.

Assuming 3-5% state tax rate, if the losses are less than $10k then perhaps the hassle associated with filing the state return is not worth the effort. 

Bian,I've insured 2 unit associations and found the bylaws can deal with who owns parts of the building differently. 

Every year I sell properties for investors after they've been fined tens of thousands of dollars by their HOA for using the property as a STR against association rules.

If it can't cover overhead expenses and make a reasonable profit, it might not even be in business long enough to finish your project.The National Association of Home Builders published a report a few years ago that stated that their "best" remodeling contractors averaged something under 4% net profit.

Find local REI associations or other groups to ban together to help fight the regulations. 

There is generally no recapture associated with the disposal since there’s no sale or exchange generating a gain.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

You clearly have little knowledge of how to run a business and the costs associated with it.