Also, if you're actively licensed and practicing in any way, shape, or form, you're acting as a real estate agent.I had no idea of this rule and makes me want to go back and re-read the TREC Rules line by line again.

It is certainly possible that your particular state has some statutory rule or other persuasive authority, but any guru giving a definitive nationwide answer on this issue is just guessing.

@Florence Oxenham, In light of a recent California Supreme Court ruling admitting an ILLEGAL immigrant to the California bar to practice law, I suspect the same will have to be true for all other state licensed professionals and immigration status should no longer be a factor... http://www.nytimes.com/2014/01/03/us/immigrant-in-us-illegally-may-practice-law-california-court-rules.html?

Remember these loans don’t have to follow the new QM rules that fall in our lap this month, so some borrowers may be electing to go with a non-conforming loan rather than a traditional loan.

Fourth level is boots on the ground, yours.

Rehab of $30k will be also financed via 203k.If I apply 70% rule... 70% x ARV 210k = 147k.

It sounds like a really great thing you've got going.On a side note, do the new Dodd-Frank rules have you worried or doing things differently?

This is speaking in very general rules as there are both good and bad schools on each side of that line, I am just speaking in general.  

Technically I am going in with cash but am using the 50% rule as a guideline.

This is also nice to let prospective tenants know that I will be at the property monthly; which makes them think twice if they want to do anything against the rules.