The main con is the costs of maintaining your license.  

Be honest with your assessment of yourself, and maintain it through whatever path of REI you venture into.

Basically I will be searching for deals, fix it up, rent it out and maintaining it.

According to the FHA web site: “You may buy a home or do a refinance mortgage using FHA loans two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the bankruptcy discharge with a FHA streamline refinance loan.”So if you’re in bankruptcy, and still want to buy a house, keep your chin up.

I'm trying to figure out what my dues would be on a monthly / yearly basis to maintain my license and purchase access to the MLS.I tried doing a search online and I couldn't find any true numbers.  

I tend to want to put down as little as possible, while maintaining a healthy positive cash flow(income after ALL expenses).  

Licensees are heavily regulated, at least in AZ, so having a license can hinder your "creativity" as an investor so it may not be worth the acquisition, risk, hassle & cost of maintaining it.Good luck!

However, job loss, stagnant wages in an inflationary environment, sudden disability, divorce, and other life changing events can alter the tenant's ability to maintain that income to housing cost ratio.

How do you plan to maintain the property?

Maintained lots of cards with low balance to limit, etc.