In regards to the NYC market and investors buying at very low cap rates, was more due to the low risk/ high reward assumptions of the rent stabilization component in conjunction with high demand and low vacancy rates.

The value of a residential property does have a limit, which is defined by comps.

I'll define "low cost" as a condo $100k or lower.  

That's allowable and reasonable. but for some strange reason, in the post right before this you made, you stated that it is never allowable.in the next breath you define it as “allowable and reasonable“ 

Extension fees are typically a point per month with a defined extension period.

Lastly, I think you need to define why each partner is necessary, what do they bring that you can't get elsewhere? 

Many agents will tell you that they're "investor friendly" but you've got to define what that means to you.Time is EXTREMELY limited for productive agents so its best to come in with a solid investment strategy that they can help you execute.Most productive agents tend to avoid investors or label them as time wasters because of the following:-Low ball offers, in Northern NJ and NYC you'll find a tough time getting an agent who's willing to do this repeatedly the market remains hot especially for multis, you often don't get a counter offer from a seller and in many cases low ball offers arent considered. 

That may not be the case for you.I think you just need to define what you think you will gain and then compare that to the cost/time it will take to get the license. 

Clearly define each others role in the investment.

@Phil Wells Definently interested!!