I'm only getting my license for investing purposes, access to MLS but also to make sure I'm not running into legal issues.  

These loans, also called hard money loans, fill a multitude of purposes and are a vital current of credit in the economy.

Is a security deposit regarded as income for bookkeeping purposes?

. §54.1-2103 Exemptionsa.The provision of this chapter shall not apply to:1.Any person, partnership, association or corporation, on their regular employees, who as owner or lesser perform any of the acts enumerated in §54.1-2101 with reference to property owned leased by them, where the acts are performed in the regular course of or the management of a property and its investment therein;2.Any person acting without compensation as attorney-in-fact under a power of attorney issued by a property owner solely for the purpose of authorizing the final performance required of such owner under a contract for the sale lease purchase, or exchange of real estate;3.Services rendered by an attorney-at law in the performance of his duties as such;4.A person acting as a receiver, trustee in bankruptcy, administrator or executor, any person selling real estate under order of the court;5.A trustee under a trust agreement, deed of trust, or will, or the regular salaried employee thereof;So if you are not interested in getting licensed, and don't want to manage any more, then I would say have your friend give you a power of attorney to manage the property for him.  

As a mortgage banker having dealt with a whole number of credit repair companies, all 3 CRAs as well as other credit restoration/support companies, I can tell you that you're best bet is to have the following:1 - 2 installment loans which would include a mortgage, car loan, car insurance, student loans, etc.  3, yes 3 revolving credit lines (so 3 credit cards)carrying a 20% - yes, yikes but I've been told by many, many sources this is correctKeep in mind that the credit score you pull from creditkarma and freecreditreport.com will NOT be the same scores you get when a lender pulls your credit for mortgage purposes. 

My motto of my business is "Pleasant living conditions for my tenants without burning out my profits" and I am willing to to innovate safer solutions for this purpose.  

Is a BPO really sufficient for this purpose?.

I am seeking these properties for the purpose of wholesaling.

What form i will receive from property management for tax purpose?

Is the primary purpose of the clause to share the repair costs or have the tenant's contact you prior to calling a repair man?