Equitable Interests in Real Property:a) A person may acquire an option or an interest in a contract to purchase real property and then sell or offer to sell the option or assign or offer to assign the contract without holding a license issued under this chapter if the person:does not use the option or contract to purchase to engage in real estate brokerage;  anddiscloses the nature of the equitable interest to any potential buyer.b) A person selling or offering to sell an option or assigning or offering to assign an interest in a contract to purchase real property without disclosing the nature of that interest to a potential buyer is engaging in real estate brokerage. and Sec. 5.086 Equitable Interest Disclosure: Before entering into a contract, a person selling an option or assigning an interest in a contract to purchase real property must disclose to any potential buyer that the person is selling only an option or assigning an interest in a contract and that the person does not have legal title to the real property.Best wishes in your real estate journey!

Anywho, AR Code, chapter 42, Sub 1, under definitions defines acting as a broker for someone as:(10) "Principal broker" means an individual expecting to act or acting for another for a fee, commission, or other consideration who:(A) Sells, exchanges, purchases, rents, or leases real estate;(B) Offers to sell, exchange, purchase, rent, or lease real estate;(C) Negotiates, offers, attempts, or agrees to negotiate the sale, exchange, purchase, rent, or lease of real estate;(D) Lists, offers, attempts, or agrees to list real estate for sale, lease, or exchange;(E) Auctions, offers, attempts, or agrees to auction real estate, or participates in a real estate auction;(F) Buys, sells, or assigns or offers to buy, sell, or assign or otherwise deals in options on real estate or improvements to real estate;(G) Collects, offers, attempts, or agrees to collect rent for the use of real estate;(H) Advertises or holds himself or herself out as being engaged in the business of buying, selling, exchanging, renting, or leasing real estate;(I) Assists or directs in the procuring of prospects calculated to result in the sale, exchange, lease, or rent of real estate;(J) Assists or directs in the negotiation of any transaction calculated or intended to result in the sale, exchange, lease, or rent of real estate;(K) Engages in the business of charging an advance fee in connection with any contract whereby he or she undertakes to promote the sale or lease of real estate either through its listing in a publication issued for such a purpose or for referral of information concerning the real estate to brokers, or both; or(L) Performs any of the acts described in this subdivision (10) as an employee of or on behalf of the owner of, or any person who has an interest in, real estate;

.: Check your state laws, but you are generally not required to engage in a back-and-forth discussion/argument with them.My policy is to respond once.

Forming an LLC is a good idea and can be appropriate in many REI situations.How the LLC is setup and how you choose to be taxed can vary based on what type of REI activity you are engaged in.I would suggest you employ an attorney to setup your LLC.

If you're just practicing, you can either use the quote from other nearby (comprarable) properties you've previously analyzed, or take the great advice of @Dan Maciejewski and apply a fixed multiplier to get a rough number that's close enough.It's mainly when you're running financials for actual deals, and therefore must get it right, that you'll need to engage an insurance broker's help.

I would start there before engaging an expensive land-use attorney. 

Let's engage in thought-provoking conversations, debate ideas, and offer advice and guidance to one another.

For me, a reliable tenant is someone who:Has stable employment in a market segment that is very likely to be stable or improve over timePays all the rent on scheduleTakes care of the propertyDoes not cause problems with neighborsDoes not engage in illegal activities while on the propertyStays for many yearsOnce identified the segment I wanted to occupy my properties, I then determined what and where they were renting.

Most often garnishments and liens don't work or work fast, so the best remedy is often an agency that can constantly engage the debtor and commit them to a repayment plan.

A dealer is someone that is in the business of doing rehabs and flipping which insinuates you do engage in the activity regularly and continuously and there is some level of volume.