Okay, so an update:Things are a bit fluid at the moment and after the owner's initial termination form letter with a 30 day vacate deadline the other tenants (my brother included) may have decided to withhold rent until they can find a new place.

I really enjoy other peoples success stories so hopefully this can inspire others to get out there.Here are the numbers:Sales price: $235,000Purchase price: $108,000Rehab/holding costs: $70,825Closing costs (including Tax withholding): $7,577Profit: $48,598This ended up being a pretty large project, and actually the first project I managed 100% on my own, so that makes the success all that much better.  

If you're that big a risk taker, take the money to a casino and put it on red.If you're roof collapses and your furnance dies, where are your cash reserves - then your tenant (who will be a pro at this in poor neighborhoods) will withhold rent for unacceptable living conditions.Be careful and stay away from sales pitches.

The document is okay, but you do a walk through just prior to closing,Mohicans is standard, and don't close if it's not vacant, or have escrow withhold a big chunk of money from the proceeds.

You will also face withholding taxes when repatriating money back to Canada (which you can claim on the Canadian side, due to the tax treaty). 

Well in Florida (Broward County) if the AC isn't working properly and the Tenant complaints and notifies the landlord of the problem and the Landlord doesn't fix it in a timely manner(10-15days), And God Forbid if theres a child in the unit the tenant(s) can withhold rent.. or Worst pay rent at the County clerk's office then you will have to show proof that you've rectified the problem..

@Brandon Hall is actually a local CPA who specializes in real estate.One thing to note is that the state of Maryland will automatically withhold a percentage of the sale for possible state tax due unless you file for an exemption, which needs to be processed I think at least 21 days before closing. 

A con can be that if you accept Section 8 you open yourself up to city inspections and they can withhold your rent if they flag something and you don't get it fixed.  

Is there anyway I can minimize costs associated with holding a real estate licence?

Plus, you have a third-party opinion to help justify any security deposit withholdings.