One thing to keep in mind is that you need to meet the substantial rehabilitation test, meaning the cost of rehabilitation must exceed the pre-rehabilitation cost of the building (note: building only). 

I like playing around with them a little and test different lists. 

I paid quite a bit of money to get my licence, and during my driving test it hit me hard that this not what I want to do.

At any rateI haven't had to test it yet!

Just going through SEC regulations and mortgage brokerage laws isn't nearly enough to see the big picture.Yes, "private lender" is a marketing ploy, the same lender can be a private lender and if they don't pass the private dealings test they are a HML or better yet, a commercial lender, a lender who is in the business of lending.Just an FYI, I've never seen any lender that does business be 100% in compliance, there is always some little gig on examinations, so for lenders to be talking about compliance without their having regulatory examination experience their opinions will be rather limited, that grain of salt saying

We took the salesperson course from ERA in Worcester, took the test and then started shopping for investor friendly brokerages that would i) help us get established as agents and ii) allow us to grow our investment business.  

Lead and bacteria tests?

You're better off leasing it and testing it first, prior to making an all-out purchase. 

Over the last two years I have bought and renovated two properties in a neighborhood in pittsburgh that has seen intense appreciation and have built up something like 225k in equity.My current high level financials are: Own two properties, both mortgaged and rentedConservative total market value of all properties: 550kCombined debt on properties: 325kTotal equity: 225kMonthly gross rental income: 3.4kMonthly net rental income: 1kI bought both properties on traditional non commercial mortgages and I have an 80k heloc alll factored into the combined debt number above.

ThanksYoochstrictly online class, videos and practice tests. took about 3 weeks of actual studying for me (but i've been on BP and studying real estate for years) and passed on my first attempt but each state is different so my study time or methods wouldn't be the same in any other state.