Or he devotes full time only to PM, not sales?

Financing:Properties shall be acquired assuming that 45% percent of gross rent will be devoted to expenses.

According to the Tax Court Memo, the following factors are used to determine whether an asset is a capital investment or if it is an item purchased with the sole intent to resell: The taxpayer’s purpose in acquiring the propertyThe purpose for which the property was subsequently heldThe taxpayer’s everyday business and the relationship of the income from the property to the total incomeThe frequency, continuity, and substantiality of sales of propertyThe extent of developing and improving the property to increase the sales revenueThe extent to which the taxpayer used advertising, promotion or other activities to increase salesThe use of a business office for the sale of propertyThe character and degree of supervision or control the taxpayer exercised over any representative selling the propertyThe time and effort the taxpayer habitually devoted to the salesFor the full text of TC Memo 2010-261, click the link.

However, if you are planning on doing your own business you would be better served devoting all that time and energy you would spend in class to learning about real estate anyway you can.

He devoted himself to self-improvement, and become a top of class salesman, and transitioned into his own business.

I will easily have 20-30 hours per week I can devote to real estate, but it is scattered throughout my schedule and some of those hours are after "business hours" or hours I spend driving between customers or waiting in my kid's school car rider line. 

So while they are there patting each other on the back, talking each other up (you are beautiful, NOO YOU are.. no YOU are, noo you are), I am sitting here creating 5 [CENSORED] a day, using the keywords [CENSORED] and [CENSORED] to rank up my visibility online and developing [CENSORED] which caused google to devote the whole right side of the SERPs with my personal Knowledge graph which got me [CENSORED] leads just yesterday alone, while adapting my [CENSORED] to boost my site speed and performance by 30% boosting my ranks even stronger... slowly taking over the entire CT market, without anyone even noticing.Wholesalers, friggin damn it.Want buyers?

You may not have money now but if you are devoted and save you will.  

One of the biggest costs in a flip is holding costs, and your partner's inability to devote full time to getting the flip done expeditiously costs you extra money.    

FYI, the TREC website outlining the requirements is here: TREC Sales License RequirementsYou should be able to complete the entire process to become an active agent within 10 weeks if you have lots of time to devote to the education.