I probably wouldn't actually get the license as the requirements include carrying insurance for it and continuing education.

You need the security of having a multi plex to carry you through  vacancies.

A conventional lender will do the same for you, but if the home needs work it carries way less weight with the seller and agent.  

Plus, you don't have to carry around a separate credit cards for each of the vendors, or get your credit pulled 3 separate timesMy question is, is this a good idea from a tax standpoint where I have to show receipts of my purchases?

Carrying costs are running me about $1500 a month.  

Sometimes just asking the seller to carry the note might be all you need to get started.

Or you could carry a weapon, and if NY allows you to "stand your ground", so to speak, you could shoot him dead if he becomes menacing.

A great deal for an investor is a property which will cash flow with a cap rate of 10%, is in high demand as a rental, has appreciation potential, and which is either priced at 20% below market value for cash or which the seller will carry back 90% of the purchase price as a first lien or 25% of the price as a silent second lien if priced slightly below market valueA great deal to a flipper is a property priced at no greater than 60% of market value needing repairs valued at no more than 15% of market value.If you can find these you will have no shortage of offers.  

If you sell it after 1 year, you haven't depreciated much and it's only the "profit" you are paying taxes on.For the hypothetical point of how could I only make $50k on a house I sell for $100k...If you fall into the highest tax bracket, 40% goes to Uncle Sam, 6% goes to a realtor, maybe you had to carry 3% back at closing. 

I'm also recently embracing and pushing on owner-carry second mortgages for 10-20% of the value of the property, to help stretch my funds further, although typically these will have a balloon payment due in a few years, which may put me in a tight spot down the road.