As I said earlier, this is strictly for investment purposes.The property does not have to be turnkey, if there is room for improvement that's of no concern as we both have the skill set to invest in whatever upgrades are required.

My requirements?

typically no special license is needed when doing it for hard money loans that I am aware of. there may be states like california and nevada that are tricky where lenders need a license of some sort but for most part brokers i have seen are not licensed. 14 or 15 states require state license and NMLS registration.

@Nick AmYou also may want to consider other matters besides taxes, such as state law requirements for management companies and serving as a property manager, especially with a tiered structure.

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

There were several mistakes made on my tax returns that I pointed out, which required going back and forth with their tax preparers.

These are all important considerations, and understanding the requirements can save a lot of headaches down the road.

If they don't pay within the required timeframe, then I auction off the storage unit and wash my hands of it.

On the other hand, self-education through books, podcasts, and free resources is cost-effective but requires discipline and a clear plan.

It was never required or nessecarily nessecary.