States which DO NOT require licensing for originating or negotiating a loan secured by commercial real estate nor a loan secured by non owner occupied residential real estateALASKA ARKANSAS COLORADO CONNECTICUT DCDELAWARE FLORIDA GEORGIAHAWAIIIOWAINDIANAKANSAS KENTUCKY INDIANAKANSAS LOUISIANAMASSMARYLAND MAINEMISSOURI MISSISSIPPI MONTANANORTH CAROLINA NEBRASKANEW HAMPSHIRE NEW MEXICO OHIOOKLAHOMA PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS WASHINGTON WISCONSINWEST VIRGINIAStates which DO NOT require licensing for originating or negotiating a loan secured by commercial real estate but DO require licensing for a loan secured by non owner occupied residential real estateIDAHO MINNESOTA OREGON UTAH VIRGINIA States that DO require licensing for both residential and commercial real estate loan origination and brokeringARIZONACALIFORNIAILLINOIS MICHIGANNEW YORK NORTH DAKOTA NEW JERSEY NEVADASOUTH DAKOTA Does this still hold true for 2025? 

There's likely so much competition at the comps stage that it's commoditized at this point.I would be curious to hear from others, like @Nicholas L. or @Bob Stevens what parts *after* pulling comps they feel could possible be automated without falling into non-scalable traps like iBuyers ran into once they tried scaling their algorithms.

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

Even I the non-attorney would have a rather easy time getting the people of, say Pacific Palisades together to state in mass that E.D. here not only does NOT do "public good" but inversely does HARM. 

Take note of the number of bedrooms, bathrooms and proximity to public transportation.

U dont hear much about it .. its a niche and anyone who has taken back a seller carry back note usually gets a few direct mail peices offering to buy your note.. thats all it takes  its public record make contact offer to buy .. etc. 

It stated all over our PPM “this is an investment in a non liquid asset”.  

Quote from @Na Wilson: I have a source (depending on credit score) that can do a 90% LTV DSCR loan on non-owner occupied real estate. 

In your instance, as the owner of the property you can have a direct non-licensed employee to perform property management.

REPS = Your rentals are non-passive if you materially participate in them.