I have a thread about the general process it takes in Colorado for licensing that I hope will be helpful to you. http://www.biggerpockets.com/forums/21/topics/198446-passed-the-colorado-re-exam

I'm in the process of getting my real estate license now, just studying to pass the state exam.

Just because he passed a test doesn't make him Perry Mason.

@Justin HerringtonWhile Thorold does not give a maximum occupancy per dwelling unit in a direct manner, it appears to define any building providing lodging to more than four (4) occupants as a boarding house:“boarding house” means a building in which lodging is provided for more than four (4) persons in return for remuneration or for the provision of services or for both and in which the lodging rooms do not have both bathrooms and kitchen facilities for the exclusive use of the individual occupant;In turn, they restrict a rooming house or lodging house (but never marry definitions to that of the boarding house) as follows:Where a dwelling unit contains rooms intended to be used in conjunction with a rooming house or lodging house, the occupants may share a single bathroom provided that: (1) not more than nine (9) persons occupy the dwelling unit; (2) for each additional nine (9) persons or part thereof, there shall be an additional toilet, handwash basin, bathtub or shower; and (3) access to the bathroom can be gained without passing through: (a) a habitable room of another dwelling unit; or (b) an open area, which is not normally heated during the period of the year which heat is required by article 2.22.3 of this by-law.So, it appears to come down to whether boarding houses are permitted where you property is located (and whether they need to be specifically licensed), unless your building would be seen as a non-conforming duplex.This is the question, I believe Thomas was asking.

I might modify this a bit and actually tell them they can't give me a yes or a no till 48 hours has passed just to force them to talk and think about it.

Hello I am new to investing and have been trying to learn as much as possible in the past year.My entire family knows of this and my in-laws came to me with an idea to "help" me and also would be helping them with a Real Estate deal.Back Story- My wife's grandmother passed away last year and the estate, two properties, are to be sold and the profits spread out among the 6 children.

Our ad specifically said do not apply if you  cannot pass a criminal background check.  

Sometimes it can provide some useful info - "Ahh yeah, I know John, we used to live together, but his girlfriend was always passing out on our couch, so I moved out."

Doing the math on the property with a traditional 20% loan it looks something like this Purchase Price (Max Offer Price) $90,000 Percent Down 20% Down Payment Amount $18,000 Amount Financed $72,000 Interest Rate 4.85%  Closing Cost $3,150.00  Costs of Repairs (Make Ready) $7,000  30  Mortgage Payment $379.94   Rental Income Monthly Annual Unit A $1,050.00  Vacancy Rate 5%  Net Rental Income $997.50  Expenses Monthly Annual Property Management Fees $105.00 $- Leasing Costs $50.00 $  Maintenance Reserve $60.00 $ Utilities $12.00 $-  PropertyTaxes $45.83  $ Insurance $80.00  Total Expenses $352.83  Net Operating Income $644.67 Net Cash Flow $264.73 HELP PLEASE, this looks like one of those properties I would be fool to let pass by.

It's more expensive primarily because this deal has a different risk profile than a conventional one and non-conventional lenders have a higher cost of capital (which they pass along to you in the form of higher rates).Generally I think the way to think about it is the profit you stand to generate from this deal far outweighs your cost of short-term capital.