This is not why wholesalers don't want a license, it's because they would have to answer to regulatory agencies when they screw someone over.

Some small non-profits serving a niche may obtain free or subsidized rents from a United Way.If you want a nursing home or such, find an existing provider and lease to them as trying to get into that business is haunted with stiff competition, regulatory oversight and it is very political as it is based on community needs.

A private REIT is the worst of both worlds - non-liquid and with less regulatory oversight than public companies. 

Political views have nothing to do with enforcing regulatory policy, it only applies to setting policy if at all.

Suddenly the terms "permanent dwelling" and "permanent residence" began appearing in federal regulatory language and we were stuck.Then Dodd-Frank soon followed and all hell broke loose.

You might also spend some time learning the servicing regulations that apply to all 50 states and to every person or entity that loans money secured by real estate, in the post Dodd/Frank regulatory laden environment.  

@Ian Tudor Ian I agree with you in isolation from the regulatory environment re lending to owner occupants.  

Commercial lending does have less regulatory restrictions, but dealing at the small end of a commercial spectrum, between individual or small investors, the scrutiny is much greater too.

Some states like California have a designated regulatory agency i.e.

I don't know what contract to use and I really don't want to break any laws...especially in this high regulatory state.