One of my biggest takeaways from reading this book was the distinction between "self employed" and "business owner".

I think there is a very important distinction that should be made here. 

However, you need a RE License to bring buyers to a seller.Wholesaling is different because you are contracting for yourself to buy the property, then selling your stake in that contract to a third party in exchange for a small fee.I know it seems like semantics, but I think it is an important distinction to make as you can get into trouble for "bird-dogging" without a license.

This distinction is very relevant in states that want active note buyers to be licensed as debt collectors.If you plan on buying them for your fund, I would definitively sign up with one of the companies that monitors licensing requirements and help you stay compliant.

This distinction can have a huge impact on a buy/hold property.

The point of this qualifying title distinction is to "protect" unsophisticated investors from getting into investments that they don't understand and parting with money that they can't afford to lose.

It is an important distinction, though.

The distinction is between acceptable and not acceptable behaviour.

In Utah, there isn't a distinction and we're pretty landlord friendly.

As for legal differences, if you use an LLC I recommend a manager managed rather than member managed (if your State makes that distinction).