I am sure the cost of MLS and the cost for me to get licenced will be well covered by the savings over a couple of years.  

If he is doing that kind of work he may carry liability insurance but that will not cover him or you for that matter if he is doing work he is not licenced to do.

Note it allows an unknown party (the fictitious owner) to be the bad guy.  

It is absolutely possible to get your RE licence while on active duty.

taxes, insurance,repairs and maint, management,vacancy, bad debt, evictions, utilities, snow removal, landscaping, pest control, capitol expenditures, licencing, any municipality required inspections, corporate entity expenses and annual reports, and thats all i can think of.Maybe don't think of this like a bond because you are purchasing risk as well as an asset, and should not be taken lightly!

I think you will find a wealth of information available to you here  at BP - and you can certainly use it attain success - but Bigger Pockets , in and of itself - is not going to take you where you need to be anymore than a drivers licence can get you across town.

I am currently in college and am looking to complete my real estate licence through OREA (I live in Ontario) as I have some spare time at the moment.  

., foundation, electrical, plumbing etc was done by regular licenced crews, so, imo, you should not be concerned, beyond normal.

If I wanted to know about how the investment work, should I get the licence and get the job first in order to familiarize with the field. 

I got my real estate licence a couple weeks ago, and I was thinking about starting as a real estate agent.The only problem I have is that I have to pay a lot up front, I may not see a commission for a while, and I want to start saving up money for my investments!