Therefore, that fee is there to make sure that they are getting the job done the first time.Anyone who is saying that they can do a great PM job and won't charge you anything besides the monthly fee, is most likely going to fail out of the business because they won't make enough to stay in business, hire and grow.It is very important to understand all the fees associated with a PM, but I encourage you and your friend to not shy away from a company right away if you see they have fees on other things other than a monthly cut.

My understanding is that if you’re not licensed, you can’t originate more than 3 seller-finances/year, and you have to make sure buyer can repay, fully amortizing, and restrictions on ARM.

I understand their side of it, but to your point exactly, it's a great way to build experience.  

In the past 20 years it has gone from less than 6,000 people to more than 90,000.

Also Dave's, Start With Strategy was really cohesive and really helped me understand what questions to ask even after I had already bought a few properties.As far as condo/townhouse I would say watch the HOA and make sure you know how much, any deferred maintenance and any rules.

I understand that the duplex is a "business activity" but you own it personally so the financial accounts associated with it should be personal accounts. 

The guy looks like a clown and a number of people are saying he took $5,000.00 from them. 

@Marcus WelsonTalk to your cpa but I am 99% sure you cannot write off that debt - as even though it’s assigned to you - you did not pay for itFor example I cannot buy a $500,000 mortgage that was lost to a tax lien for $10 and then write off $499,990 otherwise I know a lot of people who wouldn’t pay any taxesI could write off the $10 which is what I paid for it

@Jordan Regier Adding a garage is much more than people are estimating here.

Passive Activity Loss RulesIf you are a real estate investor that doesn’t qualify for REPS status (discussed in #5 below), understanding the Passive Activity Loss rules is crucial.