Instead of the appreciation, you can make a return on your investment each year instead of waiting many years to sell for a large sum.In summary, the primary distinction lies in the investment goals and time horizons.

I'm young in the game, my mentor Christopher does it all; flipping, rentals, private/hardmoney lending (whichever distinction you choose to draw from those two i suppose).  

No matter how much you sugar coat your reasoning for selling in high volume without a license; before a Wisconsin court of law, or any other states adopting similar statues, codes, articles, chapters, etc. its distinctly evident that you, or your LLC if you operate through one, display a pattern of sales that coincides with what the law expresses as being illegal without a license.

You would have thought this was the 10th annual BP Conference, not the first.As I was mentioning to a few folks over lunch today, I think the biggest distinction for me between every other conference, networking event, etc that I've ever been to and this one is that the relationships you build here are genuine.

Is there a distinction, or am I just grossly over-thinking this?

Gale, you make a very important distinction and you emphasize that even if you are working (not passive) and maybe not making as much as you would like, the fulfillment from doing something you WANT to do instead of something you HAVE to do can be more compensation than the money itself.

@Clark MeyerWelcome to BP.East Cleveland is generally considered a nightmare and it's actually a distinct municipality from City of Cleveland. 

There is a major distinction  between  business loans and  Consumer loans.

I'll be tracking my results by giving each piece a distinct phone number that I can count calls on.The control I'll be mailing out will be the same postcard I've been using.

That is a distinction from a wholesaler, who isn't bound by the same regulations as a licensed agent and is usually working for their own interest.All that said, I think wholesaling is a much, much smaller niche than the gurus make it out to be.