I suggest you learn the business first (which a license will NOT prepare you to do) before tackling more sophisticated principals.I will be selling one of my probate properties, which happens to be in RC, in several months however my agent gas been selected as he is an expert in selling properties requiring court confirmation.The best ROI you'll ever get is from continuing your education. 

You must either be accredited or sophisticated to be able to invest with them.

The reason being that 5+ units require commercial financing and thus the competition level is lower and buyers are more sophisticated in that space.

That is to say that the shareholders are taxed on payroll and the corporation is taxed on earnings.Most real estate entities are formed as LLCs or S-Corps for that reason.  

By the time they are becoming sophisticated and have "been there, done that" they don't have time to come to the meetings anymore.

This is defined as the gross income, minus expenses, minus the employer's 50% of the payroll taxes.  

BUt maybe I am just not "sophisticated" enough...I don't discount CCR - reality does :)

No sense in having a lot of people on the payroll that are sitting around doing nothing. 

These investors are more highly correlated with more sophisticated money and are unlikely to invest in projects like vacation rentals.  

It depends on the sophistication of the investor involved.