Property is worth about 600k market value.

I am also very interested in developing a syndication/fund in the future, and feel like this will only help any credibility to future LPs/GCs/etc.Does anyone have advice/thoughts/opinions on best way to go about this and if getting licensed is worth it?

Others have posted that their underwriting criteria is so strict and fees so high that its very tough to get a loan that will work and these folks just give up and end up with 3k worth of educational material and NO 100% loan.the reality is right now its never been easier to get a HML  80 to 90% financing and 100% of renovations..

There is some fees to start like applying for your license , pay taxes, etc but it still seems worth it.  

However, any of us agents worth our salt will vet that for our clients when buying so it won't be much of a problem for you.

What is their track record?

NMLS assigns a unique identifier to each entity that has a record in the system.

We literally just completed one that came in this morning (we just couldn't beat our 22-minute world record). 

The house is worth about $230,000.

(This number is under $180k by the amount of depreciation you took on property #1.)VERY rough numbers would be 15% times $115k ($17,250) plus 25% depreciation recapture on maybe 5 years of call it $115k (look at your tax records for exact numbers.) ($115k times 5 times 3.636363% = $20,909 @ 25% = $5,227)So my WAG = $22,477 taxes owed federal plus any state taxes where you and/or the property reside.