Two other books that will help you as an agent for prospecting (which I believe is the most essential skill to a Realtors career) is:Fanatical Prospecting by Jen BlountGo For No by Fenton and Waltz

So, they can give you a lot of money tax-free through this set of rules, but they need to file the correct paperwork and please, of course, triple-check everything I've said with a licensed accountant. 

I would figure that you could essentially be labeled as just an assistance company (for lack of another creative term at the moment) to owners to do odd end jobs like virtual assistants do with taking maintenance requests, showing properties, preparing documents, etc. 

I bought one property from a tax sale and waiting on paper work and I am looking at another property now.

Expect a lot more paperwork.

I also don't really recommend arbitraging because you essentially have very little control over your business, the landlord controls it.

This sounds like a lot of churning and extra expenses and paperwork for a relatively small benefit.

I purchased a SFR for $40k less than FMV and renovated the basement into a separate unit (essentially creating a duplex). 

The moral of that story is to listen intently in your training about how to complete the paperwork, what the process is, compliance, etc.

They do require a bit more paperwork but its a far more professional operation.