Probably the number one risk you face is the real-estate market crashing.

He sees the market going up, and that it’s a sellers market, and says I should wait for the next crash to happen before I jump in.

Sorry, my app crashed and this is a repost.

During the crash I was fortunate to be able to purchase 9 rental properties between 2008 and 2012 at incredible low prices. 

The developer had it rezoned in 2008 (then the crash hit), he did not pursue the land conversion, and just built two duplexes and a triplex within walking distance of the beach.

I have only a few times in my life had a bank come to me and offer a deal, when they did it was a portfolio deal, and the market was in a dark place, like after the housing crash.

I would only buy there if you can truly find a deal, good luck, so that I could sell it to a bigger fool for more money before the next crash.

During 'the crash', they were absolutely giving them away for low prices bc they had too much inventory. 

Everybody has been saying that housing will crash, stock will crash, bitcoin will crash soon since year 2013; however, none of it have crashed yet four years later - 2017.

regarding a licenses, you dont need one to write an offer on your own behalf, you would need one if you did it for someone else. as for wholesaling, that "and or assigns" that is usually put in an offer to be wholesaled, pre crash, we saw it all the time, today, bank sellers will reject those, and any regular seller with knowledge, or getting legal advice will want it removed, its telling them they are leaving a considerable sum on the table.