Private lenders are an abundant source of funding, but there's no bricks-and-mortar establishment, no standard process other than SEC regulations, just your own ability to build relationships - a key skill for an agent / broker.My $0.02 ...

Call yourself anything you want, regulation change or not, you are brokering real estate without a license.

I think HUD's own rules should govern this and not city policy.  

Highly recommend driving around or checking out deals on Zillow, Redfin, Trulia , Craigslist, rentometer and other apps or sites to find deals from For sale by owners ( FSBO: some are motivated, some Distress), Government ( FHA, HUD, VA, etc.), Banks (Real estate owned: REO, etc.).

Borrowing at 100% leverage has its own risks, but if you're considering one of these packages, I'm going to assume you understand the ins and outs of being fully leveraged, so I'll forego any advice there.Also, to address some comments around the bank selling them, there are regulations in place that do not allow banks to hold a property for profit.  

In Alabama, you might be considered to be collecting a debt and thus in violation of collection laws.Just make sure you understand the local laws and regulations.

cite=64.34.352 State law overrides your association governing docs.

Check with your local buildings or government office to find out where it is.

@Justin Johnson - The property tax credit is given to you because the county or other local government does not accept mid-year property tax payments.  

@Jeff HowardYou should execute an operating agreement to govern your LLC.