Quote from @Caleb Brown: I would focus on being an agent first and building that business.

I have known exactly one in my 10 years in the business.

I run Forged Home Buyers, a San Antonio wholesaling business, and my business partner is an agent with Virtus Realty. 

@Chad CutshallI can't answer for them, but their website doesn't indicate that buying/reselling notes is part of their business model.

The local who lives there but commutes 30-60 min to another community because they can’t find a job to support their family in their town.That same local knows that a 4plex would be great on that lot that’s been vacant for 20 years and that there are at least 4 families who could benefit greatly from that development.That local knows that Ryan’s plumbing and Katie’s electrical companies that service 75% of the town really needs a new flex space to use as a shop, storage, and parking for their business so that they aren’t working out of their garage and can hire a couple of locals to work with them at the office and in the field.Development is different in our small towns but if locals aren’t the ones doing it, and developers aren’t coming, what happens to our kids futures?

I made a few thousand less than expected but I figure that's just the cost of doing business sometimes.Based on my experience I wouldn't let the remote possibility that a homeowner might go into greed mode dissuade you from doing these deals.

You will find that every PML has a different business model.  

This arrange that you will have will likely be a headache(major assumption on my part).First - Do not do business with a friend. 

This is really going to depend on the state you are looking to do business in.

Having trusted resources in market have been helpful in managing our properties and contractors especially when my non-real estate related consulting business is in its busy season.