I also found a HUD or FHA 203k Consultant.

The primary reason being is that unless you own the property out right you will most likely show a loss for a single property (you will want to consult your CPA). 

Still not 100% sure without calling the state labor board, but I did talk to a consultant and I'm leaning towards paying minimum wage plus commission just to be safe. 

They also provide consulting services as well to help people get started using this strategy. 

None of which should be done with out consulting an attorney.

Much better to do that than not consult them at all, which many people do and they hate that :)I would not notify the tax assessor separately as it would probably increase your taxes.

@Ryan Barr you should definitely consult with your account and attorney to determine the best structure for you.

@Raymond Loughlin I use Garden State Appraisals and Consultants out of Westfield.

Someone used the word "narrow focus" earlier in this thread and to that point, if...after hopefully a long period of thought and consultation with family, friends, counselors, etc....you decide that being in real estate is truly your primary passion, then understand that, in the near term, you will be narrowly defined by others.If your primary purpose for going to college is to be better equipped financially for the future, then I would personally advise getting involved in real estate immediately and forego college at first, then take classes as needed and when you can pay for them in cash. 

I do recommend always consulting with a securities attorney to evaluate your situation and to provide appropriate guidance for maintaining compliance.