I don’t think this is madolf type level.  

Is there a law, state or federal, saying,at so many properties or income level, you must get a real estate license.

I'm looking to buy a modest fixer upper (not full rehab..yet) that will have an ARV that builds a little equity, but more importantly, allows me to cash-out refi and start to BRRR a little ways down the road. 

Well I think it's fantastic on many levels.

I think the play is for entry level new construction, but it is inherently high risk.

@Chantele JoordensWe have several (8) properties in Uptown SJ and are familiar with most that have sold in the past 2-3 years.The rental market in Uptown SJ varies greatly depending on where you are located ... there can be significant differences in tenant population, turnover and rent levels from block-2-block.  

As in, I'll need a commercial loan, based on the current rent of the property.For example, for a 3 million dollar 8 unit apartment complex, am I looking at 20% or 40-50% with current interest rate levels?

You could also look into seller financing.Alternatively, you can always raise money through your network (it doesn't have to be syndication - which is not feasible at this level) both in terms of debt and equity. 

One solution would be to dump all low-end properties and focus on mid to high level. 

Also, this would be regulated mostly at the local level except for banking/insurance/etc, no?