For reference, we're heavily involved in the co-living space, which is an unorthodox strategy but can perform exceptionally well with the right property and systems in place.

I respectfully disagree with @Joshua Dorkin  as well.

Agree Google nmls - funny on Facebook where 99% of private lending groups that are public are scam artists you get the "well license isn't required"I reply to this noting that while you are correct in some states - chances of a scammer with a nmls license are less than 1% while those without is 99% on sociale media 

The one who got 2 doubled it as well.

Right now, my company is paying for my license through the WRA, as well as all of my networking opportunities, and it has worked out much better than I imagined.

Also, set clear expectations with tenants upfront so they know how to handle issues like maintenance requests.How do you plan on finding all your contractors?

If you are trying to do this in Newark, you need to know the market of that particular set of blocks so you don't overdevelop for the farm area.

I now am more selective about loan officers as well as lenders. 

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.