I ask because asking for vendor financing through 2 realtors (buyer and seller reps) is going to really put a damper on things.

Basically, befriend someone with experience, read the book on estimating rehab costs by @J Scott to get a ballpark, and get reps.2.

As the broker repping the selling, I always caution sellers on offers with high price and low EM.

Honestly, we should have been easy clients - we came to him with a plan in place wanting his help on claiming REP status, setting up a cost segregation for a rental property bought and functioning in 2022, so that we could file for 100% bonus depreciation for that tax year.

That will lead you to epic failure.If you haven't walked a lot of homes, or none, for investment purposes you need to find an investor-friendly realtor near you and start getting viewing reps.

The majority owner should be required to sign reps & warrants at closing to be personally liable for them.You didn't mention checking the plumbing - hidden plumbing leaks can cause more damage over time than just about anything else!

We're great at finding deceased owners, and working with the Heirs to name a Personal Rep, and ultimately buying their property. 

If I did that stuff and any of my few lenders or stuff heard that for my rep, it would be tarnished.

Yes, private money, but you need to build up some reps and proof of concept so friends and family can see what you have done.

Or do I have to have REPs status for this side business to affect my W2 income in any way?