I'm planning to obtain a Michigan sales agent license to help with my investing.

Reality is, after asking that question, obtaining my license and going through months of learning about real estate,  I see with hindsight my friend was best served by listing and selling it the "traditional" way.  

Learning all you can about the various asset classes, and then partnering with a seasoned individual with integrity, and or obtaining a mentor in your chosen path will pay HUGE Dividends going forward.   

Florida law sets specific rules and guidelines for obtaining professional licensure, and the people who have met these requirements are held to professional standards.

In your example you state you need 370k to purchase a 650k lot, are you obtaining institutional financing for the lot?

We were waiting for the indemnity agreement and another document to be obtained by the seller.

Personally, I prefer land trusts, however, tax reporting and obtaining a tax id for a short term project would send me looking for alternatives. 

Most states will require you to obtain a specific debt collector's license to pursue those collections.  

Even when an investor is able to obtain conventional financing for acquisition/rehab, the turn times at most conventional lenders is 30-45 days or longer, and that is prior to another change coming in October of 2015 that will push that even farther. 

I should mention that it might be difficult to obtain financing.