And would the requirements be different as a buyer or as a seller if I hold a license but am not operating under it for the sale?

If you do not know what NOL (Net Operating Loss) is, this alert is not for you probably. :)If you carried your 2018 NOL to 2019 or carried your 2019 NOL to 2020 - you only have UNTIL OCTOBER 15th, 2021 to reaffirm this choice.

We got over our analysis paralysis for our first rental by having a very large emergency fund/operating budget for the house. 

If a sponsor doesn't take the effort to make a good impression with a well thought out offering package, I have to assume they will also be lackadaisical in their operations, they won't care about getting K-1s out on time, etc.But, what you said is also true: I have seen some very slick marketing materials that I will never invest in.  

So I essentially operate where if I write the offer and or bring the client the deal then we have a "exclusive" contract on that property. 

Need a few chess pieces to complete my operation.

BP has great resources for calculating your DP, reserves, operating expenses etc.

From there you should be able to calculate your net operating income (NOI) which is the income you earn before paying any debt service assuming you are financing the investment. 

Chris has NPNs in judicial FC states so when he says that DC is the worst, I'd like more details :)We operate in IL and NJ (not PA or NY).

@Kevin Scanlon , @Tyler Hespeler, @Francois Martin  all own and operate STRs in the Eastern part of CT.