See Chapter 18.85 RCW 18.85 REAL ESTATE BROKERS AND MANAGING BROKERS REAL ESTATE BROKERS AND MANAGING BROKERS; 18.85.011 Definitions.(17) "Real estate brokerage services" means any of the following services offered or rendered directly or indirectly to another, or on behalf of another for compensation or the promise or expectation of compensation, or by a licensee on the licensee's own behalf: (a) Listing, selling, purchasing, exchanging, optioning, leasing, renting of real estate, or any real property interest therein; or any interest in a cooperative; or any interest in a floating home or floating on-water residence, as defined in RCW 90.58.270;In regard to your comment,“winning adverse possession cases is one of the toughest things to do in real estate .. we know what the laws say.. but end of the day you need a judge to sign off and they are reluctant to give title to someone's property to another.

But I wouldn't have had any money to invest without my W2, so it has helped indirectly.

Does your NOI include a debt payment plus all indirect expenses?   

To make a long story short to answer your indirect questions is yes of course I provided all those details as I'm a realtor and investor, so I'm not no newbie.

The law, which went into effect in 2020, not years ago, seems to be pretty clear:"Broker" means an individual, entity, corporation, foreign or domestic partnership, limited liability company, registered limited liability partnership, or other business entity other than a residential leasing agent who, whether in person or through any media or technology, for another and for compensation, or with the intention or expectation of receiving compensation, either directly or indirectly: (1) Sells, exchanges, purchases, rents, or leases  real estate

The funny thing is, just when I think I figure it out, I run into another stinker. (2 actually) So I have come to realize that the profit I turn at the end of the day is in direct correlation to the number of opportunities I have.

I'm beginning to think that being a parole officer for the last 12 years is indirectly great preparation for being a landlord, after all many times you are walking into the worst of the worst living situations. 

On the other hand a  'Going In ' Direct Cap valuation on a non stabilized SFR is a little to academic for most people and not really practical. 

So regardless of what people might think, the wealthy in this country have directly or indirectly blessed financially the lives of many many people. 

Your price point puts you in direct competition with them for the same square footage but in many cases they can outdo you with alot of fancy 'bells and whistles' to attract good tenants (pools, gyms, common areas, included utilities).