I don't beleive this is true based on the IRS site stating you don't have to issue a 1099 if you are "not engaged in a trade or business."  

A few additional thoughts about being a new agent ---Being a real estate agent is unique because it's solely commission-based.

Hopefully, it was based on their ability to successfully execute a transaction, and not just because they were cheaper than everyone else.  

If you plan on purchasing your new property with a loan based on DTI, then it may be harder to qualify if you are leveraging yourself some more.

Well, generally it means that the living spaces in the home need to be built about the Base Flood Plain Elevation.

Here are some insights based on your scenario:Refinance Timing: Given that rates have been dropping and you're considering a potential refinance for next year, holding off on refinancing until then makes sense if you're not planning another project soon.

you state that you're based in CA and are about to start buying properties in AL. 

To do well, build a strong money base, keep a good credit score, and look at other loan types besides FHA.

Consequently many inexperienced investors make investment decisions based on where they can afford to buy, not necessarily where a good investment thesis may exist. 

If I did my math correctly, on a 3,600 SF triplex where you buy the land for $150k, you generate a gross profit of about $84k (based on a $140/sf build cost and sale price of $205/sf), before you pay interest on any borrowed funds or closing/commission costs.