I have a C-Corp (no assets) as the Prop Manager  to manage leasing and rental collection for all 4 LTRs.

And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.   

Build 2 or 3, get them running, collect some cash-flow, and see how the business goes.

If so, then I would return the portion of the security deposit to the one leaving and collect that same amount from the one staying. 

In a few of the states there is either a form. you must sign or an application that your escrow closer must file in order to exempt from any state taxes or withholdings that might normally be collected at sale . 

Hi Shawn-Congratulations on starting out on your real estate investing career.You have a question about whether it is good to have your real estate license or not as an investor and you are leaning toward multifamily investing.I personally think having your real estate license is helpful as an investor.Having your real estate license allows you to work with other investors to help them build their portfolios which helps expand your network while being productive, you can research market value more effectively, find out about deals before they are listed, and of course it allows you to collect the commission on purchasing any listed property.To Your Success!

I actually collected the differential of 7% interest on the $50,000 note (this was an interest only note - not amortized) for 18 years!.

@Rickie LattimoreGive up 95% of the equity - oversee the properties and collect a management fee.

If you catch these at the pre-foreclosure stage as slow pays or initially in default all the better as the bank has less in collection expense.You can still work out a discount but even buying at the payoff it can be profitable depending on the property value.You can practically force a lender to sell as it can fully indemnify them as a full payoff as demanded, continuing with a foreclosure becomes a rather vengeful act by the bank to punish a borrower, they don't want to go there.

Sometimes maybe often times they aren't doing enough to track down the owner or owner's heirs and just collecting checks from the court.