As long as you disclose that you are a licensed broker I don't see anything wrong with investing.But if it were me I would just put the license in escrow and just concentrate on investing seems like a pain in the neck situation having to make sure you are in compliance with RE laws in regards to brokering and personal deals.

Other investors can bid up properties just to make sure you don't come back...they can turn great deals into money losers just to insure their interest as the only ones who get the good deals at auctions.A redemption period gives the previous homeowner a chance to redeem the property after they have been foreclosed...there are typically redemption periods with IRS seizures...judicial foreclosures...and, as the new owner, you do not have posessory right during the redemption period...but this is where it gets a little complicated...the tax stuff is extremely complicated and confusing..most investors won't concentrate too much on it...which some might argue leaves it open for some money to be made if you have the right resources and know the ins/outs of all the rules and laws.

Concentrate most of your efforts on getting good links to your site.

I'm not saying the IRS is looking at this as a priority to enforce but, if you think about it, the technicalities are easy to break and most of the people doing it are concentrated in a handful of companies.

Also consider advertising expenses such as signs, print advertising, etc.If they give you a company website that is nice, but concentrate on getting your own site.

What kind of property should I be concentrating on?

This is why FSBO's are usually concentrated in the lower part of the market.

Also look into:- Bookkeeper (hire someone) so you can concentrate on building your assets and equity- CPA advisor (not just tax prep) and at least meet with them every three months with your financials- Real Estate Attorney - may sure they are in sync with your CPA Advisor- Tax Preparer - could be an EA or CPA.

Investing with no savings, no income and no credit is not realistic.I would advise you concentrate on establishing a good solid employment income and living a frugal life style to save every possible penny.

Although, you can do all of your own filings, I'd rather pay some money to have someone do it right so I can concentrate on other things.Your operating agreement is another thing and that depends on what your needs are.