To help me decide which track I want to do (ibanking or go straight into a hands on real estate career) I have been forecasting some earnings projections.

I think you will find this website to be a great resource as you continue your real estate career.

(For example, I believe that is how it works with NY and NJ.)Depending on the amount of time you will be putting into your real estate career, I think getting a RE license is a great idea for a new investor.

Should I sell it and use the proceeds as a down payment on our next home (and start my RE investing career with a different purchase on more favorable terms)?

I think getting your real estate license and working with this investor is a great way to get your career started.

I was told that if I were changing careers or taking a substantial cut, they would have had to start underwriting all over.  

The secret to a fantastic career is all about your sphere of influence!  

After having a hart attack and losing my tree removal company, my equipment and my house I can say I've been lost and looking for a new career I can sink my teeth into.

I chose to do this because I made up my mind that this was the career field I wanted to start dabbling in so I figured what better way to gain knowledge then work from the bottom and learn how things are down. 

I have 20 years of Guard service and 10 years of active duty so I have come to the point in my career where I look down the road of monotony, boredom, increased hours with more promotion, "safe" retirement, good benefits and think "do I really want to do 10 more years of working for someone else"?