To make sense for the lender.What you have is a distinct advantage over your competition IE your cost of funds is such that if you needed to discount you will probably make money the hard money borrower may not make a dime because of his cost of capital ate him up...

I draw a distinction between the two.I have found that if you don't "freshen" personal living spaces from time to time they will start to look "down market" and you'll start to attract down market tenants.

They are good to know, but they are not the "rules of this site," but that of some off its members.I think it is important to make that distinction.

As Joel mentioned a HML is distinctly different from a JV.

These are quaint neighborhoods with lots of local flavor and appeal that have lots of MIL unitis or ADUs built into the basements.

There is also a distinction in taxation depending on whether you are investing in an equity or a debt deal.

Those types of license are distinct from what @Rick Baggenstoss was discussing - Rick was discussing whether as the manager of a property you own would you need to be a licensed real estate agent.

That being said, maybe you could do some property management on the side so you get a flavor for what it's like to lord the land and steepen your learning curve while you save up for your first investment.In any event, welcome aboard Hoss!

I know some title companies in Chicago do want to see the separation by 2-3 days, but again that is a situation where they are not competent or comfortable enough that they can document that there were two distinct transactions which were separately funded, the first by you with transactional funding and the second with other funds from your end buyer.

@Jon HoldmanThank you for the clarification, I didn't realize there is such a distinction with the IRS!