I suspect the underwriters will approve it but it makes me doubt that we'll be able to get another loan when we want to buy our next property.  

I'm starting to suspect that's the case.

I suspect the margin is not there for a buy and hold but I would need to know what the park rental fee is to determine that. 

I suspect you will find one that works for you.Some San Diego BP members (@Kevin Fox, @Justin R., etc) have an on-site meetup close to monthly. 

I suspect I would lose money if I tried that flip.However, finding 70% of ARV purchases is difficult and getting more difficult. 

Although who are these usual suspects ("hammer swingers") interested in property without examining inside, the neighborhood, or investor?

I suspect the same is true in Baltimore county.

So --------------- here are some tips once you get that license ----hang your license with a small agency - let them know that you are more interested in investing than chasing listings and buyers.attend public auctions (learn that culture) meet the real investors - the ones with talent - money and skills -  let them know that you will refer them FSBO's, you will make offers for them on unlisted properties - that you will supply them with current and more importantly expired listings and bank salesunderstand and learn how to be a "Fiduciary Buyer's Broker" - this is a system of getting paid on unlisted properties - as a buyer's broker you can make offers on their behalf subject to their approval - let them know this is an auto-pilot program that will accelerate they profits in this business. get a written outline of what your new investors are looking to buy - how much cash do they have - how fast can they make a decision on a great deal - do they want to hold or flip - learn how to counsel - take it easy - take time to know and understand your new client - don't rush to try to sell them what is listed - let them know that you represent them - get them to share their goals with you - let them know you are willing to partner with them on some transactions learn creative financing - impress you client with your knowledge of the real estate investment business talk about and explain some of these concepts ----Delayed settlementNothing down transactionHybrid offersShow them what a Skinny Contract offer looks like - compare it with a standard offerStudy contracts - understand commercial - land - lot and business contractsExplain contract clauses that you will use to benefit them - like delayed settlement - substitution of collateral  - right to assign - simple out clauses - seller financing terms and methods - first right of refusal - automatic extension without renegotiating - delaying tactics - right of possession - 1031 exchanges - portfolio combing - joint ventures - tax sale investing - creative foreclosure offerings and how to profit from public auctions.You don't really want to education your clients - but you want to impress on them that you know what your are doing.Once you acquire 3-4 happy clients ask for a up-front retainer for your services - most will be glad to do this since they will see you as a PROFESSIONAL - you  know real estate agents are the only professional that don't get paid until they perform - be different - demand respect - be better than other agents in your community ---- BUT don't be a conventional agents - don't drive suspect around to look at properties - stick with investment properties and learn how to sell high end commercial properties.It took me many years of seminars, books, tapes - school of TRIAL and TERROR to step away from the agency stuff brokers try to stick you with - BE YOUR ONLY PERSON - be a knowledge - honest representative to investors - that's where the money is ------And they will come a time sooner than you think that you will BE YOUR OWN CLIENT!

So when I bought my first rental with my partner I was taking home $1,200 per month, and I suspect my partner made about the same. 

I suspect the conflict would be settled by asking your agency how they felt about you selling off-market listings outside the scope of the agency.