The legal theory is that the corporation/LLC is a different legal entity than the person who owns it, and thus representing that entity in court is the practice of law.

I'm sure he/she was referring to an assistant.Of course laws differ by state, but I know that here in Tennessee the law is very explicit about what exactly you can and cannot do without a real estate license (this comes up all the time, since busy agents often hire assistants and it needs to be absolutely clear about what they are allowed to do and what must absolutely be done by the licensed agent).

How you hold isn't going to impact your taxes (generally) and may make your tax filing more complex, and seller financing is going to make it complex enough.If I were starting out now I "might" set up LLCs and use one LLC for every 3 properties, but I might just do it the way I've always done it.Good luck and welcome aboard.Depending on your state law you may find that outright sales, with low down and easy qualifying, are easier to do than L/Ps.all cash

Being that I work as a paralegal for a RE law firm I see people buying investments all the time!

Get the articles of incorporation, the CCR's and _all_ amendments, and the by-laws to find out the rules you WILL be living under, whether it be condo, townhouse, HOA or POA, or any kind of planned community.

Looks like my father-in-law is about to get it rented out for about $150/mo cash flow.

Now there could always be some state laws around it, and I would recommend consulting with a QUALIFIED attorney in your state that specializes in real estate.

Realtors are required by law to uphold certain rules, regulations, standards, etc.

There are tons of things you need to do to investigate a property (maybe I should write a detailed piece about it - hmmmmm): investigate liens, encumbrances, zoning, HOA . . . if you're trying to rent it out: tenant law, market rents, general landlord knowledge . . . if you're rehabbing: covenants on working, comps . . .

The Department also promotes economic and community development as well as enforces the nation's fair housing laws.