It is required by the law and the Code of Ethics.2) There is no such thing as not going through your brokerage when you have a license.

Affordable Entry Prices: Both Oklahoma City (OKC) and Tulsa offer properties well below your $200K-$300K range, making it easier to meet your cash flow goals.Landlord-Friendly Laws: Oklahoma is one of the most landlord-friendly states, which simplifies managing your investment and dealing with tenants.Strong Rental Demand: Both OKC and Tulsa have stable rental demand, especially in areas near colleges, hospitals, and growing suburbs.Job & Population Growth: OKC, in particular, has been experiencing job growth in energy, aerospace, and tech industries, contributing to a growing rental market.

As you may have found in your search, there are lenders that will lend up to 80% of the appraised value on investment properties and don't require an appraisal.Let me know if you'd like me to point you in the right direction.

If we meet all of the requirements and choose to take bonus depreciation on an STR in 2024 (to take advantage of the 2024 40%), would recapture occur if we decided to change use in 2025?

The amount of downpayment requirement insures buyers having "skin in the game". 

If so what are his loan requirements?

The real prohibitive costs come from the legal, compliance, and reporting requirements of registering a security.

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

If you sell your only overachiever to go with a more leveraged position, you could have 2-3 properties that may cover themselves or even provide a little profit, but when the rental markets shift (and they do), now you have 2-3 properties that all require you to supplement for their shortages. 

The world of real estate has changed.The result of the lawsuits is that a REALTOR® is now required to have an exclusive buyer's agreement before stepping into/onto any property on a potential buyer's behalf.