Enjoy interacting with you on the SD forums and hope to meet you in person at a local event (and hope to see you again soon, Ellis ;))https://www.biggerpockets.com/forums/521/topics/594308-biggerpockets-san-diego-social

New Section 1101.0045“(a) A person may acquire an option or an interest in a contract to purchase real property and then sell or offer to sell the option or assign or offer to assign the contract without holding a license issued under this chapter IF THE PERSON:“(1) Does not use the option or contract to purchase to engage in REAL ESTATE BROKERAGE; AND“(2) Discloses the nature of the equitable interest to any potential buyer.

Look If you think investing in real estate is risky try living off social security in 35 years .. there won’t be any !

Flashy, fun to listen to, huge social media followings but offer little actual substance.I’m glad you found a partner, what type of first deal are you doing?  

Through Networking connections and reaching out to wholesalers on social media.

They are mired down in Socialism and Communism.  

Rent charged is under fair market and one of the tenants is receiving a partial rent assistance from social services.

S corporations are also usually not used for real estate, because to do them properly you will end up having to pay social Security and payroll taxes, that offset any savings.

Lending companies, many out there, including the one Im at will be pulling skip traces and background reports on your prior properties that have been linked to your name in the past and if you were doing FNMA loans on these in the past these properties will be 99.99% linked to your social sec #.The only advantage of switching properties that were investment use to begin with on fnma loans to commercial loans is that you get to free up your 10 slots per social security # (10 for each partners if married and title and loans were done separately on each spouses Social).If you're converting from a primary to a rental you get to use rental income to offest the affect of having the entire mortgage hit your qualification and in this limited sense you can say yeah you improved your DTI.

Be sure to stay engaged and network your a** off!