Outside of a (relatively) anonymous forum, we would never be flaunting the situation we are in, but we really feel like we owe it to future generations to get as much information as we can from those that know the most.

These companies simply don't care about people and actually flaunt it as if its some kind of badge of courage.  

In other words, no, you do not need to form any business entity and if you're going to wholesale, it is highly advisable that you do so as an individual and not flaunting the fact that you're in the business of acting as a RE broker/agent.If you have nothing, most won't go after you anyway, they just chalk it up as another newbie.....but don't abuse your advantage of youth and lack of knowledge. :)

For my mentors I like to send out birthday wishes, articles about prom things relevant to their area.

For 20 years my husband and I were in the USAF and had 8 children, 5 bio and 3 adopted, so my life revolved around whatever sport, music, plays, birthdays, holidays, over night slumber parties, school projects, school dances/proms, and family vacations to be my hobbies and activities, LOL. 

Also you can tell the pros by the paperwork such as reviewing the prom note BEFORE you sign and using reputable title companies

I suppose I don't like to "flaunt" the BP status, but I guess I really need to.

I normally don't advise seeing an attorney for something this vanilla but based on your post, I can tell that your new to this and I would highly recommend you seek legal council before you make this loan.. as others have stated.. a Prom note alone is not security its only as good as the guy or gal signing it and if they need money from U usually means they have no real assets.. so if you had to collect you would probably lose most if not all your money.

All of a sudden, I thought I was at Prom!

My first deal I partnered with a private lender at 10% 12 month prom note on 209k purchase.