Most banks draw a distinction between the first five and the ones that come after.

This means that you would need to comply with federal requirements AND the separate and distinct requirements of each state in which you sold securities. 

However, he's given us the distinct impression he won't leave easily.  

@Riley KuranishiI was mistaken in some of my posts, getting two distinct laws mixed up regarding the definition of service animal.

I always struggle answering the income question because there is or can be a distinct difference between my annual cash flow and what my CPA finally comes up with as my annual taxable income.  

Read all the highly recommended  books, bought the Carlton Sheets, attended a rich dad seminar (surprisingly no Kiyosaki), a couple of flavor of the year gurus, joined a local REIA for two years, Listened to podcast on BP.

Getting back to returns Pasadena vs turnkeys...Do yourself an investor flavor and compare these numbers 5 years (60 months) vs one month as most these tk sellers try to BS you. 

Thanks @Joe Villeneuve, though to clarify the "flipping" I discussed is distinct from the 1-2-year hold.

I am a newcomer to real estate investing, and I'm willing to change my ideas if better options are available.3) Conventional mortgage aside, I am well-aware that all-cash buyers have a distinct advantage in moving quickly when deals become available, and all-cash is required on sites like auction.com.  

I don't know this for certain and recommend you contact and attorney for this but I think the distinction might be its fine if you are a partner in the deal or you are some sort of consultant if the work is in the project management.