Am I missing something with this train of thought, or is that essentially how it would work?

My train of thought is that if I did an FHA loan, as long as the numbers are good, and it cash flows positive more than the PMI, then the PMI doesn't bother me much, and I could utilize my money to reinvest into the property instead of making a large down payment.

Our tenants are trained to text and email.

You can self-educate through books/podcasts and on-the-job training/experience, but if you truly love finance and want an institutional environment, go for it.

Anything in Mission around the train is good-ish. 

If I see a great property for a good price in a subdivision that I know or have lived in or invested in the past, it automatically becomes a better deal for me because I know by address how far the schools are, I know where the supermakets and train stations are, I know what the comps are without looking.

Actually I started in 2004 when I went through a real estate investor training program.

You do need to be prepared to spend time with them upfront to make sure they are properly trained.

It's not really much different than other businesses, you have to work on it.It does take some negotiating to successfully navigate getting the "Claimant" to work with you, however, with the right training and understanding of this business, you can be successful at it.

GAMLS you have to pay an ongoing fee for instead of when a sale occurs like FMLS.With FMLS you still have to hit yearly minimum brokerage sales numbers or get hit with a big fee.What I learned from that experience is that many agents have a sense of entitlement.I would find that maybe only 20% to 30% of the agents would have a closing that month.So to scale this if I had 100 agents you might have 6,000 to 9,000 a month gross coming in.For that though it is a major headache.Many agents are part-time and rusty or an investor wants to run a hair brained scheme.My favorite is a new agent that just left a 50/50 brokerage that has almost zero training and wants to join my firm.They would want you to train them and spend hours and hours for a 300 trans fee.I am not even mentioning the amount of paperwork you have.Agents not keeping up with education requirements,not paying license fees and getting a lapsed license,getting a suspended license for child support, government loans,etc.Getting IRS orders to take any commission your agent gets and pay to them etc.I now have about 18 agents and haven't taken anymore for over a year.I do way better and make more working my own deals.Paperwork and headaches are less and I don't babysit have to constantly watch agents anymore.I would say it's good to have the brokerage license just don't add any agents unless you keep it small and they agree to a fat commission split for your time invested.If they him and haw kick them to the curb!!