Less risk as far as a debt note, that's true, but debt is not the only risk to be managed.

Note that you’re dealing with a true bureaucracy.  

Thank you allThis sounds too good to be true.

It helps being willing to talk to sellers/get on the phone and talk to folks in the real estate space in general but the most important thing in my opinion is being an honest and true person.

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

Very true.

To become a true business owner or investor, you need to leverage your time through others.

And once you get it dialed in, you can add in the true intent which is additional ai systems to scrape for identifying what properties are Landlord owned, contact info, review for viable potential, and than reaches out in a cold marketing effort to field for potential sale interest. 

States which DO NOT require licensing for originating or negotiating a loan secured by commercial real estate nor a loan secured by non owner occupied residential real estateALASKA ARKANSAS COLORADO CONNECTICUT DCDELAWARE FLORIDA GEORGIAHAWAIIIOWAINDIANAKANSAS KENTUCKY INDIANAKANSAS LOUISIANAMASSMARYLAND MAINEMISSOURI MISSISSIPPI MONTANANORTH CAROLINA NEBRASKANEW HAMPSHIRE NEW MEXICO OHIOOKLAHOMA PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS WASHINGTON WISCONSINWEST VIRGINIAStates which DO NOT require licensing for originating or negotiating a loan secured by commercial real estate but DO require licensing for a loan secured by non owner occupied residential real estateIDAHO MINNESOTA OREGON UTAH VIRGINIA States that DO require licensing for both residential and commercial real estate loan origination and brokeringARIZONACALIFORNIAILLINOIS MICHIGANNEW YORK NORTH DAKOTA NEW JERSEY NEVADASOUTH DAKOTA Does this still hold true for 2025?

HOWEVER - it may be difficult for the appraiser to access the true value if a large percentage of transactions are not in the MLS.