The idea that someone is some brilliant wheeler-dealer because he/she bought a few rental properties and now needs to join the country club to pencil the big deals, while the peons do the dirty work, makes me laugh.I think the genesis of this mindset (I'm not saying Rosston has this mindset!)

If you are doing flipping, an LLC would be very beneficial as could have the dealer status allocated to it, and not to you personally.

If you got audited and had never made any efforts to rent it and just ran late or too long to sell, perhaps you would run into problems.I wrote about this is my blog - but here is the key part below. https://www.earlwhite.law/guide-1031-exchange-new-jersey/“Dealer Property” Not AllowedProperty held for resale (often called “dealer property”) cannot be included in a 1031 exchange.

The license you need is a most commonly a Series 63 Broker Dealer license.

But we all know it's better to be the HOUSE, not the dealer or the gambler

You may as well put on the application, Occupation--DRUG DEALER, because you have a better chance of getting approved.

Quote from @Matthew Irish-Jones: Quote from @Sterling Stroud: Good morning, So I am currently looking for a new construction home due to the better efficiency with utilities, more modern, nicer area, and potentially less problems at the beginning.

Move into one unit and arm the property with security to keep out drug dealers, homeless, teens looking for a place to party, and gangs.

When tenants complain, appreciate it and listen very carefully to what they say-- multiple tenants complaining about excess traffic means you have a drug dealer and you'll need to get them out asap before you have a shooting in your building.

Doing so is considered "brokering a security" and requires one to be a broker/dealer registered with the SEC.The exception of course is if you actually are a GP, meaning you participate meaningfully in the partnership in terms of vetting the deals, doing due diligence, helping with managing the asset.