Cash for keys is a terrible practice.

I’m currently exploring my options for gaining practical experience over the summer.

Online advice and advice in general comes with built-in bias. 

I also have a FB group exclusively for PMLs and small PML business owners to connect, share best practices, learn from each other.

Would be so helpful to see a real-life recommendation, I'm having lots of trouble getting good feedback elsewhere online.

Check out other online guides available here: https://www.biggerpockets.com/guides3.

It's always best practice to keep investors informed of all relevant information related to their investment (good or bad), both before they invest and during the period of ownership of the investment.

The following steps outline a practical approach to sponsor underwriting:Sourcing of the SponsorIdentify potential sponsors through various channels such as websites, referrals, and industry events (There are about 6,000 Funds and Sponsors in the USA).

We may have a free course option for you, if you are willing to do it online and at your own pace. 

While you don't need a license in MD, you do need a PM, brokers or associate brokers license in DC to manage property....and depending on where in MD the properties are, you might by nessecity need to include DC as a practical matter.