But that is not a "cost segregation" A cost segregation is a 20-30 page document that gets included with the properties taxes that is requires an engineers approval. 

I am ok with commuting up to 30 minutes, so the areas I've been looking has been from the mid Raleigh area (draw a line from NCSU through downtown) all the way down to Clayton, NC.My fear is purchasing a house which doesn't appreciate at all, having trouble selling quickly, or having trouble finding a renter to cover all costs of the house (including a property manager). 

Make a spreadsheet and take your total rent and subtract vacancy, mortgage, capital expenditures/Maintenance, Tax, insurance, and property management (You always want to include this just incase down the road you end up using property management).

You now have to keep 13k into the property and can only take out 12k on a 75% loan which is more common for loans on investment properties.Then there are the costs associated with renting including vacancy, capital expenses, turn over, maintenance, property management, etc.  

Of the 11 properties we have 7 that are lease optioned, another which we are signing on Monday, and the other 3 just came up on the market within the last month or so.If all goes to plan and they all exercise their option in 5 years, my partner and I stand to make 282,522.77 each on these properties over the next five years (this includes the profit when we sell the properties and the monthly cash flow).  

Can the expenses (including interest,taxes) be split equally 1/3rd as well?

Also how you haven't used bank financing since the 90s  and your interests include commercial financing, conventional financing, bridge financing, etc....  

your license is only good for the state you hang it in. you move to another state you will have to get licensed in that state, which may or may not include having to go through class hours and exam taking again...

Getting the license makes a lot of sense now.I will tell you that there has been a number of occasions where disclosures were not given to me, especially the Agency Disclosures.In fact, one Broker was representing both the Seller and myself just recently and I never received the Dual Agency Disclosure.Another problem I see is in the case of a building that I bought over 6 years ago which is past the Statue of Limitation for Real Estate lawsuits, the legal use of the property was mis-represented by ALL parties, including the Agent, the Broker, the Appraiser and the Attorneys.

After the account is set up and funded account owner can use it to invest into virtually anything, including private lending, rentals, etc.