It doesn't make any sense to get licensed to do bird-dogging or wholesaling but since it is regulated the way it is, we have no choice but to work with a brokerage with a sales license or get a brokers license, which one cannot get until you get a sales license.

But I'm going to take it slow so I'll (hopefully) make wise choices.

If you're going to flip there isn't much choice but to buy from the  MLS.

We decided to go down the S-Corp road after doing the necessary research, so it's heartening to see it might have been the correct choice (pending CPA's discussion of it).

Will you be asleep during normal times that the tenant may call you?

Like you, I am living in Los Angeles, but I focus on investing out of state for the 3x cash flow and reasonable cost of real estate, Florida being my state of choice.

If the lender has already reconsidered the flaws you pointed out and decided not to proceed, then your best choice would be to try another lender.

The choice is yours.

Anything close to NYC is a terrific choice. 

Either choice is liquid and very cheap fee wise.