Maintaining your license requires you to 1) pay annual fees to KREC and GLAR, 2) complete continuing education each year, 3) purchase E&O insurance, and 4) work under a licensed broker.  

Some paid franchise fees, some paid office fees, everyone paid something different for E&O, splits to the broker were different. 

Jenna,From an Insurance perspective, if you plan on acting as a realtor, you should have Professional Liability Insurance (aka errors & omissions or E&O). 

Your buddy just needs to gain the appropriate perspective of such :)Think about a Buy Here, Pay Here Car Lot.They make so much money because they make it on the *same inventory* over, and over, and over again.This is essentially what your friend is doing on his L/O house here in Spring Hill, FL!  

It's the 2nd Monday of every month at Beef 'O' Bradys in Seffner.

If you planned to self manage the property, then there are tools like Rent-O-Meter that do a good job pulling comps.

The ones getting hurt are the one that used an ARM with high LTV instead of fixed or I/O for 3 years and now have to refi or sell because a balloon payment is nearing.

This is a biggie as some of my clients saw 50% increase in appraisal in 1 yr :o

As far as property hacking with a family of 4 2 cats and a dog that is on the fringe of impossible in my town of toms river and i don't want o uproot my kid's school to find the multifamily that would happen to accommodate us. 

Of course you need a RE Broker's license and E&O insurance.