@Matt Hummer,The distinction I'd recommend making is between what you are allowed to do legally and what you should be doing based on your skills and knowledge.If you are as competent as the professionals you would otherwise hire, then weigh it against the value of your time versus the cost to hire it out.

FHA and conventional make no distinction for first timers. 

However, it's not really the way this works. 1) The Sheriff is not allowed nor would they make that distinction (abandoned property) int his situation.

However I distinctly recall Don R Campbell (one prolific Canadian RE author I’ve read almost every book from) stating that joint venture deals almost never fall into securities domain so long as you don’t do certain things or agree to certain things.I’m not sure I see eye to eye with you on a joint venture deal crossing the threshold into securities.

I've only invested in the Madison market and agree with everyone on here, the MLS market is insanely overpriced for investors.Where I have seen a large distinction is between the ROI from 2-4 units properties and 8+ unit properties.

Then you have two more distinct regions.

You have a distinct disadvantage in that you are really young... almost to the point I would advise to check on what the legal age is to be able to sign a real estate contract in your state?!  

I've pulled my own permits in the past and I am not aware of a distinction between homeowners pulling permits vs HIC pulling permits.

This is a fine distinction, and you don't need a license to sell a contract.

My experience tells me that's an important distinction.