The last thing to note is that lease options are not considered sales, so unlicensed people can broker lease deals.

Wholesaler (will call her "S") brought in the unlicensed contractor as a partner, with all three having a share of the deal.

Although wholesaling is a perfectly legal activity, you should avoid doing anything that may be classified as unlicensed real estate activities.

@Monique Rene CoatesThis is what they are teaching in the FL sales license courses, it's not me: 2015 FL Real Estate Broker & Sales Lic Statutes & ConstitutionSome of the toughest penalties for unlicensed activity I have seen, but it doesn't do you any good to have the laws if you aren't enforcing them.

You UNLICENSED general public get snipets, but not the whole thing buddy. 

you can be an unlicensed owner, as long as there is a licensed "Broker of Record", who is legally responsible. 

@Travis Biziorek  there is a reason states are cracking down on unlicensed brokerage activity  your example is perfect .wholesaler clueless greedy to boot.. seller gets hopes up nothing happens.. its just a stain on the industry franklyin the state to the west of you and just over that little lake called Michigan they just made it mandatory to get a real estate license if your going to do more than one wholesale a year.. so will see if they enforce it.  

If this investment is considered a security, then you would be acting as an unlicensed securities broker, which could get you In trouble with the SEC.

The other problem is most of these people are unlicensed, have no oversight, and worse than that, no money.

@Steve Christensen  same can be said about someone with no experience trying to wholesale real estate I mean at the core your just being an unlicensed real estate agent so all of the things you describe a wholesaler needs to do to be successful and 90% of those that start wholesaling burn out.. no support group for them ( IE brokerage )...