Remember, if it's a barrier to you, it's a barrier to competitors. 

I doubted him and called MN Department of Commerce and could not get a clear answer from a general RE support, thus I  was transferred to RE Investigator that I met 4 years ago (I was invited to meet him once, even though nothing has happened last time: one competitor reported me as a person doing RE without the license under a different Co name.

Also bought a competitor out in the same town and will re brand the site to match my current business.

You have to compare favorably with those rental competitors that the tenant prospects will be looking at when they look at yours.

@Rod Smith my inclination would be to refi cashout as much as possible, AFTER I maxed out the rental value (i.e. find the amenities your competitors have: DW, GD, cleanup the entrance) then get something else.However with a sale and 1031, the Multis will give you the economy of scale that'll really let you get ahead.

One thing I found out in my early years is that face to face rapport building put me in front of all those competitors that phoned and mailed and put a flyer on the front door.

Also curious, what's the business model / scrape rate, for Fundrise and their related competitors?

If you have, and you answer truthfully, there's a good chance they won't approve your license, or give you a probationary one.All it takes is a complaint from one disgruntled tenant or to have a competitor tip off the commission that you don't have a license, and you would find yourself in a very uncomfortable spot.

You can do this and you wouldnt have to be relying on a system like Zillow or some big hosting site with lots of other competitors.

My only concern is if an owner sees a higher priced fee per month compared to our competitors they might not be comparing apples to apples.