This necessitates either reinvestment of profits back into the business and/or some type of equity partner - either limited or active.

The vast majority are failing for code violations, non-permitted structures or modifications, etc. 

Each informed me of the need for a permit for any repairs, upgrades or modifications which would be then bring the record current and re-classify the property as a 3 BR.  

I'm not saying you're wrong, clearly you have been very successful, but to me the risk mitigation factor alone necessitates having some kind of money partner.

Oh, one other thing, @Wane Tango , I don't know your day to day schedule, but on a modification of the driving for dollars theme, you could literally place letters at people's residences.

But even without modification, it will take 30 easy.

No modifications were made. 

I believe most states if you actually read the statute of what activities necessitate having a license most all of wholesaling would require a license in most state.. contract flipping what have you.Our state is on the war path against private lenders ... in Oregon you need an NMLS license or a broker to do your HML on any 1 to 4 unit regardless if its owner occ or not. there is no such thing as a commercial purpose unregulated loan like many states.So you have all the licensed HML turning in the bigger private guys who under cut their rates... they will watch at court house.. they will pull deeds of trust to see who the benies are then make complaints and the state will follow up and will issue cease and desists.

Home Licensees DisciplinaryActionsShare on facebookShare on twitterShare on emailShare on printMore Sharing Services11California Dept Of Real Estate Disciplinary ActionsACTIONS TAKEN AGAINST A LICENSED OR UNLICENSED PERSON/ENTITY FOR LOAN MODIFICATION ACTIVITIESView the list of persons and entities that have been served with a Desist and Refrain Order and/or Accusation by the Bureau of Real Estate resulting from a loan modification and/or foreclosure rescue transaction.ACTIONS TAKEN AGAINST A LICENSED OR UNLICENSED PERSON/ENTITY FOR SHORT SALE TRANSACTIONSView the list of persons and entities that have been served with a Desist and Refrain Order and/or Accusation by the Bureau of Real Estate for unlicensed or unlawful acts in connection with short sale transactions.ACTIONS TAKEN AGAINST UNLICENSED REAL ESTATE ACTIVITIESView the Unlicensed Activities listing of persons or entities that have been issued a Desist and Refrain Order for conducting real estate activity without being properly licensed.

Purchase 2 performing notes and 4 non-performing notes in 2021, get the 4 NPN's in the process of loan modification.