I'm pretty excited from what I've seen so far & to be earning & learning alongside and with the best in the biz!

You collect rent and then pay rent.If you engage in seller financing, carrying the note, then that would fall under Dodd-Frank.Leases with an option fail because the consumer is getting into the lease because they either don't have the credit to get a mortgage or don't have a down payment saved up.

If you happen to have a deal that needs $7M and the syndicator brings in a large chink of the equity, something in between the 50-60% sounds appropriate.The syndicator could also invest alongside the LP.

If you have a tenant who has a decent job history or other responsibilities they typically do not engage in criminal damaging behavior as they understand that there are negative consequences for their actions.

I'm thinking this should be state-specific, but realistically you're not supposed to engage in any transactions that are not your own without a license.

In terms of partners, my friends seem to be too busy buying engagement rings or renting swanky downtown lofts right now, and it's proven difficult to find someone willing or able to start this with me.  

I would take issue- but I sure as hell wouldn't be in a position to have an appraiser inform me of this- I would have known.If I was the seller I would think the buyer either got cold feet or was trying to strong arm me since we were "engaged" in the deal.

I am new to BP, but am looking forward to working alongside you. 

What potential penalties would exist for a licensed property manager / firm who engaged in the following?

You might want to think twice about hiring lawyers to file a lawsuit, engage in discovery and motion practice, and spend thousands more in dollars only to find out, at the end, that the valuation number was accurate and perhaps even low.