He or she is silent and risk of loss is limited to capital invested in the business.You may want to consider an LLC with a strong operating agreement and flexible allocation schedule. 

I am looking for referrals to brokerages that would sponsor my license and that meet (most of) the following:I work an 8-5 M-F career job, so I would need the flexibility of working completely on my own time (this is a must). 

As a buyer, we were flexible enough to make the deal happen when maybe others couldn't.

It's more common than you would think.Unfortunately, the answer is no to both if you run through your own insurance.If you run the claim through the auto insurance, there will be more flexibility with billing them for the management of the claim, but in the end they may say no. 

The hard money lended isn't flexible with the money in escrow.  

The reason they allow you to rent out your home is to have the flexibility of choosing when you wish to sell.

The vast majority of people don't have the flexibility to leave the state even if they wanted to.You saw this yourself in California.

It is my hope that Air Bnb will provide flexibility as well as increased cash flow compared to a long term renter.My questions for you are:How often does your room get booked?

I have a decent paying job, with a fairly flexible schedule and I've been interested in using my free time effectively and learning about real estate.

An LLC gives you flexibility in how the entity is taxed (corporate, partnership, or sole proprietor).