There are VERY specific regulations in Minneapolis. 

Rick There are a lot of regulations that all banks have to follow, but I will say that every bank looks at things a bit differently.

Once you have done the leg work you will be able to decide how you would like to go about creating your fund legally.You have a great idea, but you are now starting to tread in highly regulated waters.Good Luck,Allen Fletcher

Syndications are a great way to raise equity for acquisitions but if it's done right then it's also a highly regulated  and costly process (search SEC Regulation 506).  

NW Indiana is a great market for rentals because of its proximity to Chicago (30-45min commute), low taxes, and landlord friendly regulations.

In terms of getting the license, note that PA has fairly strict regulations on what a salesperson can do. 

Alamo Heights is an incorporated city and may have separate development regulations.

His main commercial bank is the first stop, he can do virtual terminals, I suggest avoiding more than 10k invoice, it will trigger federal regulations with regards to money laundering act, unless your contractor's bank statements "regularly" get those sums, they'll be covering their butts and do some lame actions to the contractors account itself (ie bring him in to answer questions, or even to the extent of closing accounts, etc).

It was hard work, long hours and with the exception of a few professional installs (HVAC, water pressure regulator) and help from friends and family doing some heavy lifting and painting...it was mostly me, which made me proud.  

@Angela Hollis,I strongly suggest you look into what the applicable regulations are for escrowed taxes and insurance.