If you do it all legally, with a business licence, and keep the property up nicely, it can work out well.

Zero - Get an RE broker licence, transactions are easyD.

Do they have different licences?  

I do have a Use and Occupancy licence for my first property but I am unsure if I need to file for additional licenses for every investment property I acquire.

@Sam Leon Property Taxes & Landlord licence fees (where applicable) are part of your operating expenses and as such are included in the derivation of Net Operating Income (NOI).I suspect @Doug McLeod was referring to income taxes - levied on your CFBT - in his post above.You should be alright.

HIAm currently 18 yrs old and would like to know whether is there any free resources or textbook on real estate licence?

I just got my RE licence and am working primarily with investors.

In CA you would likely be crossing the line and performing functions that require you do be an Attorney, or Licenced RE Broker or Agent.As far as the specific statutes and case law, there are a number of issues that come into play as far as entering into a contract to purchase an REO, where in 99% of the time there is a NO assignment clause, with the specific intention of assigning the contract.In most of the double close schemes mentioned, the "purchaser" is specifically hiding the fact that the fact that they indeed are NOT the purchaser.In a "creative" RE investing environment, it is understandable that NOT being open to potential legal problems would be the norm.There are too many cases related to typical "creative real estate deals" andlegal issues and troubles to mention here.Hire a lawyer, do what you feel you're comfortable with.

That isn't to say we're not getting our licence, we're just not going to at this point.

So I ended up checking and confirming apartment address and checked on her drivers licence which did match for few yrs.