Thanks @James Wise, what is an ideal reason for getting a license then? 

Now of course, this would be in an ideal world but I assume passive income in REI still requires work.

Here are some steps to get started.Step 1) Develop your Business Model (Who is your ideal seller, buyer, neighborhoods, etc)Step 2) Build a Team (Leverage their experience, Realtor, Attorney, Contractors, Surveyor, Home Inspector, Environmental Contractor, Architect, Structural Engineer, Stage, Photographer, Title Company, etc)Step 3) Understand your market like the back of your hand (Have a Realtor set you up on HOT SHEETS so you get automatic listings sent to your inbox and you can start getting a pulse on the market)Step 3) Find a Deal (Package the deal and show supporting evidence that it's a good deal, get an appraisal if you have to) Include the following: Company Bio w/ your team members on it, Property Details, Property Tax Card, Scope of Work, Pictures/Video, Comparables, Financial Analysis, Due Diligence Items, and Contact Information.Step 4) Find Private Lender Prospects- Sphere of influence, networking events, ask for referrals, ask CPA, ask attorney, etc.

Under ideal conditions, I wanted to know whether investors would wholesale, flip or hold onto a property like this - with such a large plot of land, rural area with hunting & fishing on site, the sturdy brick exterior many buyers seek & all.As for the numbers, I think the seller is hoping to get close to her stated appraisal value ($252K) but I plan to explain to her that it's out of the question since I am an investor after all (which I stated in the yellow letter).

@Derek Jones I am in the same sort of situation as Steve - but ideally looking for a 4-unit (open to duplexes and triplexes as well).

A situation like that, where the owner is willing to basically "be the bank" for the buyer might be ideal.

Not looking to pay over $700/mo, splitting down money or work/materials furnished by buyers, would be ideal.

However, if your goal is to give you some advantage in the Bankruptcy Courts, Chapter 11 is far from the ideal option.

Within the next year or two I hope to get more involved and ideally purchase a duplex to rent with the possibility of "house-hacking."

I am nervous about jumping in head first to situations I am not familiar with so that why ideally I would like to do a couple deals with some one or even sit in with deals they have going on to earn what the basic process is.Like I said any help from fellow BP would be amazing.