Regarding your licensing question, here is my suggestion - since I'm a Realtor already, I plan to keep my license, with some trepidation (so many regulations to adhere to which can be very gray when wearing two hats).

Will usually qualify for 1031.Just enough gray to hang yourself isn't it.

Obviously the lines have become more gray but this is a framework that helps new investors understand how the different types of lenders work and how it might affect the type of loan they can get. 

I'd recommend talking to the division of real estate in the state of ohio as well as a columbus ohio attorney to answer questions about that. someone that specializes in real estate. no one will give you a clear answer, better thing is just to get licensed so you don't have to worry about if you are in the gray or not. 

We hired an attorney that advised giving back everything that could be a gray area so we agreed to give back everything minus the cost of resodding the area under the trampoline that is clearly stated in the lease.

It very well be a gray area in the landlord-tenant laws. 

Quote from @Chad Gray: @Tim Wolak Question for you and sorry if I already missed it, when you say cashflow negative, are you referring to just PITI - rent, or are you also including budgeting for vacancies, capex, property management etc.?

It's amazing how much money these gray sheets will save you over the years.

I agree, right now the gray is on the 'going out of style' phase. 

It’s a very light gray and then paint my trim with white trim paint.