I've yet to meet an attorney that collaborates like any of the other disciplines without charging massively for that. 

this make zero sense  and if the rent is 1,500 why is the owner in the rears on his payments.. total waste of your time.sub too for long term holds is not a good idea unless there is massive EQUITY not negative EQUITY and only if you able to refi or payoff the sub to note if it gets called.Sellers back them selves into a corner all the time not realizing what they did when they sell sub too unless of course the sellers credit is already shot and they don't care if the home gets foreclosed.

Thankfully, I don't have to but it seems (to me) that it massively increases the downside risk.

My ultimate goal is to develop massive condominiums or apartment complexes for profit and investment purposes.

We recently turned on the water for a new property so that we could begin renovating it (3 small houses on a single large lot). The water had been shut off to this property for at least 2 years, probably more like 3-4...

So we add the same benefit of shopping rates.To touch on one more point - both of those are different from a retail bank as a broker or mortgage banker typically won't deal with depository transactions, personal loans, etcAlso the licensing question is a good one and I believe it is a bit more detailed than described.

I've got a massive, 3,400 square foot house that is right next door to a car wash, corner store, and a newly redeveloped highway (construction almost complete).It's got 2 bathrooms, 5 bedrooms, 2 living rooms, laundry room, and extra room (used to be single garage).  

it depends on the asset.. if you have a prime asset that you are fairly certain will hold value appreciate or can be sold retail.. paying down mortgage may not be as important.If your buying mid range to C class or pretty much any turn key type product that cost under 100k in any market.. those that sell them will tell you and its no secret and or those who invest in them will tell you .. expect no appreciation and if so very little its all about cash flow.. well if you max leverage on those homes .. you will NEVER have any true EQUITY  because holding costs and sales cost will eat up your 20% down.. so to exit you lose money.. other than the small cash flow you have received. 

Having your license also makes it so much easier to find, see, and analyze properties since you have access to the MLS for pulling comps and getting showing instructions.You may also find that you actually do like working as a realtor on more "traditional" transactions and helping people (both other investors and retail home buyers) buy and sell homes or manage properties, and it can be a great alternative income stream.

I would be skeptical of most claims of rehab estimates under $50k in the area (for flip / retail properties) -- not that there aren't any, but in my experience they're rare.