Thank you for sharing this Michael.John is spot-on about what a quality human being Quincy is and what a great role he has played in building the self-directed investment industry over the last 20 years. 

I was at a networking event over the summer and an attendee mentioned he Co-GP's apartment syndications and described his role as providing the escrow funds which I found to be comical.

As for wholesaling, there is no license required bcoz your not Selling or acting as agent in a fiduciary role to anyone but yourself.

Once they exercise seller financing, the property is sold and all 1031 rules apply. 1031 has specific timelines.

@Steven CatudalIf your partner’s main role is finding deals on the MLS or manage tenants, obviously a real estate agent does this and is paid commission. 

You can attend all the REIAs and read all the books and sign up for all the conferences, and spend all the money, and you are will never really know you can do it until you do.Over 20 years in real estate in various forms and roles, action will beat out intelligence or education or even network 100% of the time.  

. - In the event that you do get a deal, that you do not violate the intent or letter of an increasing number of anti-wholesaling laws, and that you actually receive an assignment fee, you will walk away thinking that your role is over.

In addition to my role there, we’ve partnered together to launch a real estate venture that we’re both really excited about.We’re at a bit of an impasse as we map out our first deals and could use some advice.

Quote from @Kody Smith: without getting too deep into my finances, what my strategy is...1. take loans to buy properties (leverage)2. fix/flip for day to day cash flow income3. use some of the fix/flip income to buy consistent cash flow through:- business acquisition, - commercial properties (MF and store fronts),I have no intention of doing ALL of the management myself, I will hire management as needed (medium term goal)my expected core role is money provider, evaluating the numbers, making decisions, and connecting with investors, wholesalers, lenders, contractors, and property owners.while I am just on step 2 of the journey, I am looking toward step 3 to stabilize, and not worry about if house prices drop mid project or not (or not worry as much) So to be fair this is more about obtaining and growing a real estate business not simply buying rentals for cashflow.

While I would have built $150,000 in equity, the cash flow simply doesn’t work.Now, let’s compare this to the market conditions when BRRRR was highly promoted (pre-2020).Interest Rate: 4.75%Monthly Payment: $3,057/monthRent: $3,600/monthIn this scenario, I’d be making over $500/month with $23,000 left in the deal, resulting in a gross 26% cash-on-cash return—an excellent deal.As you can see, rates and prices play a critical role in the viability of the BRRRR strategy.