The difference is that Realtors are subject to laws that the state puts in place to protect consumers from shady operators - like wholesalers.The license exam in Mass is shockingly easy. 

Not the other way around as the 'corporate veil of protection' is still valid while incorporating a business entity mind you.I think you're asking if alternatively an LLC would suffice as a way to organize, but this can easily be determined with an SEC lawyer (even an initial consultation).Your question indicated about ten people involved in this particular business plan and could be covered under the LLC as well in the ability of 'unlimited owners' (people involved)- but again that's where a consult with an SEC legal professional comes into play.There may be things that even your LLC would be involved with that (if you started there) would pop up on the SEC radar- and it seems better to know how to most legally organize from the start.There are various podcasts and books on this topic for folks in your exact situation, but I would consider maybe just skipping those and going for a meeting with an SEC lawyer from the gate- better safe than sorry, and you may be advised an LLC would work just fine for you.

@Mike Gordon Depends on the tenant and local rent protection law.

It's an investment that must be viewed as a business.If you invest as a hobby, your tenants and/or portfolio will suffer and that will be reflected in the difficulty you experience in doing the work.

I think its essential to protect the property especially if you dont allow pets.

Also the attitudes of the renters are changing, they expect legal protection like in CA.

I have contingencies in my contract to protect me, but not the seller.  

I have contingencies in my contract to protect me, but not the seller. 

I have contingencies in my contract to protect me, but not the seller. 

We are taking a Wealth Protection approach in this economy.