What is less clear is potential license liabilities of licensed parties engaging in transactions where unlicensed wholesalers are receiving compensation.

And, prices in New York have not fully recovered to their previous peaks in real terms according to Case Shiller before turning downward, meaning that people who simplistically believe that a market will always return to its previous peak are engaging in wishful thinking.  

Here's a short list of them:  How long have you been actively engaged in real estate investing?

Bottom line, decide on your engagement and risk level first, and then look for an investment type that suits your needs best!

I invest heavily in RI and would highly recommend engaging with a quality attorney that knows the local ordinances. 

I'm leaning towards hourly pay to work alongside me; that minimizes possible disagreement over what work was "completed."

We also buy very unloved buildings under the assumption that we will be gutting the building and replacing almost everything ... so typically do not bother with engaging an inspector or engineer unless we see something out of the ordinary (in a bad way) or we are having a Phase 1 done.However, in the beginning before we had acquired our present level of comfort and experience, we sent an inspector into most buildings ... if for no other reason than to provide input into maintenance and renovation planning.

Since this is your first purchase, it might make sense to suck up the cost and engage a buyer's agent to guide you through the purchasing process.  

I am simply using more precise language.I do this because Unrelated Business Taxable Income (UBTI) is generated when a tax-exempt entity engages in a trade or business on a regular or repeated basis (i.e. flipping houses or other types of dealer activities). 

This real estate business only works long term for those who engage their brains and factor in ALL costs and risks.