Hi Matt,I've been doing this type of fractional ownership with my existing rentals in the DFW area.

Both passed the course at a fraction of the cost of in-class courses, 1 took the state and passed, and 1 lost interest.

This company out of CA does what an attorney can do for you for a fraction of the cost.  

I see your point about gaining a lot of experience in those 3 years, I have considered that as well as how much less stressful it would be knowing that I would only be putting up a fraction of the money.  

There are plenty of books and online resources that provide the same type of information for a fraction of the cost.

I currently own 4 rental properties, and i'm trying to take it full time between creating value through getting "deals" and creating HELOCs for investment capital. rental income, vacation rentals (currently looking at Atlantic City/Brigantine are), foreclosures (though i don't really know much) timeshare/fractional ownership through owner (me) financing and luxury condo property management.

The bank is of course lending that $200k right back out at 9% as credit card debt (& we have fractional reserve banking, so they might be lending out $1,000,000 at 9%!)

I also have a frame building that when I gut walls I do insulate, but so far it's a fraction of the building. 

Personally I think those price points are a little high in this market to turn a profit and if home prices change it will hit luxury homes first.If you want to buy off the cuff Knoxville have some great homes on acreage for a fraction of the price.

Others, as you suggest, want to go onto to MLS, and are bringing enough business to the broker, he keeps them on, and they get some fraction of the commision on the sale.