I'll be taking the state exam in about a week.Today was the start of my journey to find a broker I feel would be a good fit for the goals I have set for myself.

You then should examine the market rents for similar properties to be certain they are "under-rented," and determine what upgrades, if any, would be required to get the higher rents. 

I, of course, went out to Memphis and examined their operation before I invested. 

Agree with @Carl Fischer that you should engage a tax CPA or EA to examine your unique facts and circumstances...However the distinction between who owns the roof is important and determines tax treatment. 

I'm expecting to test for my FL's license exam in Spring and been wondering about the benefits and if I should really be pursuing this. 

Hi BP,So i just passed my school and state exam in long island,The reason i did this was to become an agent so when i do flips i have access to MLS and i can use the buyers commission as the flipper to pay buyers commission when home is being sold.Im trying to figure out what type of broker i should join, most of the big brokers focus on sales agent pitch too much, the only thing im trying to figure out as an agent is what type of docs i should be looking at when im closing my own purchases or could a lawyer take care of all that at closing.ThanksKhan

Examining water bill/ scavenger. 

In which case the probability of the IRS examining your return, discovering the grey area issue, taking the opposite position, and winning on appeal would have to be greater than 80% for your expected losses to be higher than just paying it.In their best year ever the IRS is never going to get that probability above 2%At 2%, we are risking an expectation of losing $2.50 by 'going grey' against an expectation of losing $100 by not going into the grey. 

I'll be taking my exam in 4 weeks, do you think I should hang my license with a broker and if so, how do I go about finding an investor friendly broker? 

Instead of following a blanket rule that any single rental property is a TB, they examined the level of activity and concluded that the rental property generated enough activity to be a TB.