@Sam G.I have a couple of resources for non-recourse but all would be bridge loans for construction only. 

@Sam FaasTypically homes need major work and do not qualify for conventional financingAs noted they are typically overpriced.

In general, developers will model revenue with SAM or an equivalent tool for non-dispatchable production.

Sam,Thanks for your reply. 

Then after that split is taken out, we pay income taxes to Uncle Sam, errors and omissions insurance (in case there's a lawsuit), Realtor's Association dues, MLS fees (so you can look at properties on Zillow), monthly technology/desk fees to our broker, health insurance, car insurance, gas, maintenance, clothing, computer, cell phone, software, marketing, etc.

@Sam KayLeaks are inevitable. 

Hi Sam - I have quite a bit of info and advice on this if you want to talk.

Uncle Sam got a nice chunk too I might add.

@Sam SandTo answer your question direct: Legally only 14 states requires licensing to make a business loan, so odds are you can get started where you live.

@Sam Liu you might consider Reverse 1031 Exchange to avoid some of the challenges you mentioned you faced with timing and traditional 1031 exchange.