If you are a professional doing this business you should conduct yourself as such and I don't know of anyone who would not want to buy a house from you just bc you are a realtor...Having that been said Dave does bring up a good point.

The major reason I say this is the renovations you are conducting at the outset.

I also took a glance at DF and they call for a study to be conducted on SAM's for regulatory oversight: "Study of Shared Appreciation Mortgages (Section 1406) – Requires HUD to conduct comprehensive study to determine prudent statutory and regulatory requirements for wide-spread use of shared appreciation mortgages and report to Congress within 6 months after date of enactment."

I believe this book, as well as his book Own your Own Corporation, make a clear and convincing case for forming legal entities when conducting business.  

Once you own them, you can clarify that you will conduct maintenance, etc as you would for any other tenant.

This may be the defining moment that will kick start you into getting serious about how you conduct yourself in this arena. 

Those who tell you being licensed is a liability are probably not used to conducting ethical business. 

As to incentives or fees, you dealing in the same property along with him causes him to realize a gain through his spouse in conducting business, it's as if both of you were the same person as far as he is concerned.

Hey Bill,I'll address the "demand" question that everyone is asking 1st: In order to pitch this to a bank or private lender, you should hire a self storage consultant to conduct a feasibility study.

Experience is the best teacher so take your time and decide on what area you will like to invest in and conduct your own due diligence, and seek professional council.