it sounds like you're really eager to deploy a bunch of capital into supposedly cheaper markets, but you're not going to cash flow $500 on a random single family anywhere unless you are self-managing and super hands-on and prepared to deal with rough turnovers.  

@Toby FellowsYou are correct, you need to ‘hang’ your license under a broker in order to practice real estate, and most brokerages require you to become a member of the National Association of Realtors as well.While you are preparing and taking your courses, contact several brokers and interview them to find out who might be a good fit.

Yes, that's why  want to be prepared and knowledgable before applying.

So many folks are out here touting making millions with $0 down and you proved that even with all the due diligence and good investing sense, you have to be prepared and take risks that are proportioned to what you can withstand.

Specifically, has it changed their tax preparation bill since they can't just send their Quickbooks file over to their CPA?

If you have a regarded tax entity, e.g. partnership, S Corp, C Corp, you need complete financials -- P&L and balance sheet to adequately prepare the tax returns and answer tax related questions. 

It should also ease your mind and let you sleep better when you realize that you have a series of countermoves prepared to combat adverse scenarios.

This could free up more cash flow to reinvest in your deals.But here’s where it gets interesting: making the transition to an S-Corp can require a more organized financial structure, which includes separating your accounts, keeping clean records, and being prepared to pay yourself a reasonable salary as the business owner.

Be prepared to start a lawsuit.2) File a complaint with state's Board of Realtors3) File a complaint with state's Attorney General's officeSince these are unlikely to be permanent solutions, you'll also want to start searching for another PMC.Recommend you speak with @Russell Brazil

If there's any existing balance on the HELOC when you start, just remember that those interest payments and principal payments (if any) are NOT part of his scenario.Now, tell me how wrong I am, but be prepared to explain why.David:The HELoC is a bit of a strawman in this example.Back to my earlier question, why not simply increase the payment on the mortgage note by $300/month and dispense with the accumulator and lump-sum payment of $3000 every 10-months?