Alot of newbies to any type of business venture have cold feet because of the not knowing and stories like yours are definately an asset to the newcomer's confidence!

So don't think that your first venture into real estate was a failure by any means.

I have an investment group who is willing to put up 99% of the money for this venture in phases, with 1% being raised by myself in exchange for a JV type situation.

I am almost a new member here too and you said it right, this is really a good place to start up and venture for your real estate business plans and ideas.

We are partnering up in this venture and decided this course would be a good start.

Good luck on your venture and congratulations on being investment savvy at such a young age.

When your earning money ventures constitute most or all of your income, the IRS may look at your venture as being "in the business of", I'm not sure where that IRS test is as a ratio or income level but if you are using a significant amount of your time, efforts in an activity you may be considered as being in business.I bought 4 cars in three months and got a letter from the DMV to fill out a dealer's application, LOL.

Image you were in an elevator with a venture capitalist.

If I joint venture with someone, that will be seen as building my own portfolio, hence no license is required right?

I have never given a sales pitch before venturing into real estate.