So --------------- here are some tips once you get that license ----hang your license with a small agency - let them know that you are more interested in investing than chasing listings and buyers.attend public auctions (learn that culture) meet the real investors - the ones with talent - money and skills -  let them know that you will refer them FSBO's, you will make offers for them on unlisted properties - that you will supply them with current and more importantly expired listings and bank salesunderstand and learn how to be a "Fiduciary Buyer's Broker" - this is a system of getting paid on unlisted properties - as a buyer's broker you can make offers on their behalf subject to their approval - let them know this is an auto-pilot program that will accelerate they profits in this business. get a written outline of what your new investors are looking to buy - how much cash do they have - how fast can they make a decision on a great deal - do they want to hold or flip - learn how to counsel - take it easy - take time to know and understand your new client - don't rush to try to sell them what is listed - let them know that you represent them - get them to share their goals with you - let them know you are willing to partner with them on some transactions learn creative financing - impress you client with your knowledge of the real estate investment business talk about and explain some of these concepts ----Delayed settlementNothing down transactionHybrid offersShow them what a Skinny Contract offer looks like - compare it with a standard offerStudy contracts - understand commercial - land - lot and business contractsExplain contract clauses that you will use to benefit them - like delayed settlement - substitution of collateral  - right to assign - simple out clauses - seller financing terms and methods - first right of refusal - automatic extension without renegotiating - delaying tactics - right of possession - 1031 exchanges - portfolio combing - joint ventures - tax sale investing - creative foreclosure offerings and how to profit from public auctions.You don't really want to education your clients - but you want to impress on them that you know what your are doing.Once you acquire 3-4 happy clients ask for a up-front retainer for your services - most will be glad to do this since they will see you as a PROFESSIONAL - you  know real estate agents are the only professional that don't get paid until they perform - be different - demand respect - be better than other agents in your community ---- BUT don't be a conventional agents - don't drive suspect around to look at properties - stick with investment properties and learn how to sell high end commercial properties.It took me many years of seminars, books, tapes - school of TRIAL and TERROR to step away from the agency stuff brokers try to stick you with - BE YOUR ONLY PERSON - be a knowledge - honest representative to investors - that's where the money is ------And they will come a time sooner than you think that you will BE YOUR OWN CLIENT!

The fee only pays for "accidental damage", not negligence:The Damage Waiver Fee does not substitute for your responsibility to leave the property in appropriate condition.

That article also contains a link to the IRS for this information but it doesn't work and I can't offer a good substitute. 

Cheap properties in the Seattle area around 350K and so may be considered a substitute good as they have far lower property taxes.

The techs believe you can create a "program" to substitute for the knowledge, experience, analytical ability and deal making savvy of successful private lending professionals, so far this has not proven correct.2.

There's no substitute for experience.

I agree with a lot of what was written here, and at the end of the day there’s no substitute for hard work - you need to want it more than the air you breathe.

Shower rods, door knobs, cabinet hardware.4. no substitute for walking the house. 

I'm not looking for a substitute to reading/researching (I love reading real estate related books), but something to supplement it, like a part-time job or something similar.

Whatever it is, remember they are no substitute for doing your own marketing, running your own numbers, and doing your own negotiations.