Each are great strategies to access capital and each has its pros/cons for utilizing the strategy in the best way.

With a license, you'll have access to systems for prospecting & training.

Out-of-pocket is $10k - 4*$506 = $7,976.If we stop here and collect to maturity we have 43 - 4 = 39 payments left on the 1st investment and 48 - 4 = 44 payments left on this new investment.

Being local affords many conveniences based on access and your knowledge of the area.

I'm just beginning but am considering a bigger commitment in the next five years or so by accessing some or even all retirement funds to buy a building (I'm sure people have thoughts on whether or not that is a good idea!).

Being a one stop shop for mortgage, real estate, and property management helps us save our clients $$$ and they only have one company to deal with and one contact saves time and creates an unmatched synergy.

In your scenario you'd have a potential tax event on that $200K difference.Here's a creative way to access most of that money tax free however. 

Have about 50k I would invest (access to more), with excellent credit and good income too, from my full time job.

On the other hand if they are a sponsor that is experienced in stopping a skin in the game, that's a huge red flag for me.c) how open to scrutiny are they?

Stop using the cash money as those are only going to get you deeper in trouble with their fees and interest rates.