Instead, it depends on where the entity was formed and what law governs its internal affairs.

We could discuss that for hours as I could the numerous affairs that have occurred via Facebook, the divorce's etc.

Before investing in a complex become very familiar with the association and its financial affairs.

By law, every landlord of a dwelling, except owner-occupiedpremises with not more than two (2) rental units, must filewith the clerk of the municipality in which the residentialproperty is situated, or with the Bureau of Housing Inspectionin the Department of Community Affairs, a certificate ofregistration (N.J.S.A. 46:8-28).Originally posted by @Michael Wolffs:Just got off the phone with the JC City Clerk's office.  

However, its not whether you can or cannot conduct business as a real estate professional that could or would cause a problem rather its that you have been deemed to 'be' and have been trained to conduct your affairs as a real estate professional that would come into question should you encounter a sue happy seller or buyer.The disclosure removes any question of an ethics violation from later being used by someone in a court of law. 

@Ruchi Patel --The Green Card is handled by the NJ Dept. of Community Affairs (DCA), which is a state level agency.From a City standpoint, you'll have a number of hurdles, both zoning and building related.The property's zoning designation may not permit a 3-family use as of right (per the current zoning code), so in order for them to allow a conditional 3-family use, you'd need a variance.If they grant the variance (which is a process in and of itself), you will likely face challenges from a building standpoint as well as they may require you to bring certain elements of the building up to code (i.e., fire suppression / sprinkler system).

It is a sad state of affairs. 

In Illinois is the IDFPR (Illinois Department of Financial and Professional Regulation) in CA it looks like the Department of Consumer Affairs, Bureau of Real Estate.  

"As a member of the LLC you can manage the affairs of the company, and the above says that up to 5 of your members are "excluded from the act" (meaning chapter 35, PA REC.)

I don't understand the love affair with USAA.Also, regarding problems to fund the loan--if possible and the seller agrees, do them yourself.