The practical side of things is that refinancing your house to get started in real estate means in many cases folks build wealth nowhere except for in their home equity and 401(k) or equivalent retirement accounts.

If you have cash (or cash equivalent) you can find really good deals. 

Just throwing out some thoughts and questions on the point, it seems like you will go through equivalent troubles obtaining your license or going through an agent...what do you guys think?

DSCR Loans can get equivalent or sometimes even better than Bank Statement (assuming you qualify for both) if you slap on big prepayment penalties for the first five years. 

If 30 days notice of intent to vacate is NOT given prior to lease term or date of intent to vacate, Lessee(s) are responsible for the equivalent rent amount due for the 30 days after notice is given.What would you all do?

Hey @Jerry Booker, I haven't used the 203K loan but I did use the Homestyle renovation loan which is essentially the conventional equivalent.

So, the LLC will have to file a 1065 partnership return, and spit out k-1 (think of it as a the 1099 or w2 equivalent) to each Member. 

Lived in and worked on the condo in the evenings and on the weekends, repainted, replaced flooring, appliances, some other outdated fixtures, sold it two years later with a gain nearly equivalent to my gross W2 earnings at the time.

I have filed my own taxes for many years using Turbotax after finding that we were paying our CPA/EA top dollar for one of his flunkies to simply do data entry in an equivalent software, and not getting the expertise we thought we were paying for.

But everything we buy is in the basically the Mexican equivalent structure of an LLC.There is a lot less liability concern down here as well, but never hurts to be protected.