I have done a bit of searching about this on here and have not been able to find a consolidated thread on the advantages/disadvantages and protections needed for both parties in the process.The property is unique and I would plan to have it as a long term rental as it provides good cash flow and will be even better if I can add an additional unit as planned.I am looking to possibly do this on a small multi family property. 

While each state has its advantages and disadvantages, money can be made in EVERY state in this country. 

Looking to discuss the in an outs, advantages and disadvantages so I can get a better understand before pursuing further.

I have researched this issue and am aware of the tax disadvantages, and there is no mortgage, ie: no "due on sale" clause, and my state only has 10k in homestead exception.  

So, another disadvantage. 

Are there any disadvantages of being an investor while simultaneously being licensed real estate agent?

The biggest disadvantage to installing a flat roof is the drainage, or lack thereof.

Am I at any disadvantage or negatively affecting the deal by providing him a list of repairs like this?

Sometimes having one is a disadvantage as you are subject to a higher code of ethics being a licensee.

;-) for the BP Posters...James: I am in for one such 'Extreme Makeover' stuff for the disadvantaged...Josh: MANY HEARTY CONGRATULATIONS!!!