The oft-cited $10k/month goal requires a $3M net worth using publicly-traded securities in a modest balance.  

@David MarzulloThere are some good points and some bad ones, customary for public forums.A private lender is the role you will have with this borrower, he was known to you, personally.

Grounds for denial of issuance of license or for disciplinary action(A) In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who:(1) makes a substantial misrepresentation involving a real estate transaction;(2) makes false promises of a character likely to influence, persuade, or induce;(3) pursues a continued and flagrant course of misrepresentation or makes false and misleading promises through associated licensees or through any medium of advertising or otherwise;(4) in the practice of real estate demonstrates bad faith, dishonesty, untrustworthiness, or incompetency in a manner as to endanger the interest of the public;(5) represents or attempts to represent a real estate broker other than his broker-in-charge or property manager-in-charge without the express knowledge and written consent of the employing broker-in-charge or property manager-in-charge;(6) guarantees or authorizes and permits any associated licensee to guarantee future profits from the resale of real estate;(7) makes a dual set of contracts, written or otherwise, by stating a sales price higher than the actual sales price in an effort to obtain a larger loan from a lender or lending institution or for the purpose of misinforming a governmental agency or any other reason;(8) is convicted of violating the federal and state fair housing laws, forgery, embezzlement, breach of trust, larceny, obtaining money or property under false pretense, extortion, fraud, conspiracy to defraud, or has been convicted of a violent crime as defined in Section 16-1-60, has been convicted during the previous five years of a felony directly related to the practice of the profession, or has been convicted during the previous seven years of a felony, an essential element of which is dishonesty, reasonably related to the practice of the profession, or pleading guilty or nolo contendere to any such offense in a court of competent jurisdiction of this State, any other state, or any federal court;(9) fails to report to the department in writing by certified mail, within ten days, notice of conviction of a crime provided for in item (8);(10) fails, within a reasonable time, to account for or to remit any monies coming into his possession which belong to others;(11) pays a commission or compensation to an unlicensed individual for activities requiring a license under this chapter.

If major work has been done, you may be able to look at your County's public records and see if permits were pulled5) Pay structure--how much up front, draws, etc?

You also may check public records for any recordings regarding HOA liens. 

Is it close to local public transportation.

Thanks, You do realize, no matter what the local code people (permitting/zoning) say, it could be a whole other ballgame once the actual process starts and it's going through multiple people, departments, public meetings, and levels of government?

The wife makes over $150K (it's available via public disclosure).I feel like allowing pets is not the same as allowing pets to destroy the carpet.

There is no public sewage on the street we purchased on either. 

So after we were done the roads and building sites were all cleared without having to go through county planning and public works roads already exist... beautiful.