I was approached by somebody who wants to set up a regional center regulated and monitored by US Immigration Service &SEC.

Strictly from a fiscal perspective it's not really worth the effort and expense to go this route with multifamily.

I live in California where the Democrat policies have been in full force for 60 years, with massive government funded programs that give our tax dollars to pedophiles, ex cons, drug addicts and alocoholics under the guise of disability, free educations and priority to illegal immigrants, government unions demanding unsustainable benefits and wages, higher taxes a constant theme on our ballots, environmental regulations that require 8 different grades of gasoline throughout the state (which raises prices), hundreds of thousands of acres of farmland that cannot be farmed due to the Dems putting water for smelt over farmers, car registration fees so high that many lower and mid income people (especially the unemployed) are losing their vehicles, a community college system that is so top heavy it now takes 4 years for kids to finish a 2 year program for transfer to a university, and much much more.

In my state, property managers are licensed and regulated by the department of real estate.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

Some states, such as Arizona may require a Commercial Mortgage Broker license, while other states such as Texas will require no license at all.Even if what you broker is a security (not neccessarily that it is), you may be exempt from SEC regulations if your transaction occurs in only one state (intrastate).

That's not true at all.Many deals fall out for whatever reason.Also the pending comp might have closed already and the listing broker didn't update the status yet in the MLS.I find this frequently and even though my local MLS can fine the broker/agents for not updating on time they are still lazy agents out there.A sold comp 6 months back means nothing.Finance markets have changed,money down,time to close,more regulations,your local market could have stayed flat,declined heavily,or has appreciated and gotten hot.So 6 months ago does nothing for me.Recent closings in 30 to 60 days max in close proximity and not far away will paint a better picture.You also need to look at what is common in buyer paid closing costs and the list price to selling price ratio and days on the market until a sale.Good Luck

He finds all the subcontractors and I pay him strictly a cost-plus percentage.

First, you can lawyer up and try to go strictly by the book.

We also have strict requirements for security deposits as far as separate escrow accounts, interest paid on it, documentation to try to keep any and if they get a free lawyer to fight it in court they can get awarded treble damages.Fyi I have been moving my long term investments out of state