I participated in one flip a few years back with a partner, but he ended up buying it as his primary.

This way you have a legal document which explains everyones participating in order to participate in the share of the profit, and then separately what he gets for his invested money. 

One must meet the hourly requirements of the real estate professional status, and in addition, be a material participant.

You should search BP and Google on this so you don't have to agree or disagree with me :-) This consensus on the definition of NOI or any other acronyms for that matter is critical because it puts all of us (i.e. all market participants - brokers, lenders, sellers, etc) on the same page when we communicate.

I write paper and do equity participation with my SDIRA and you can PM me with any questions you have. 

A place most people would be proud to live.Class C.

In addition, each participant would more likely get equal attention.

I allowed two extended family members to participate and invest some capital in exchange for a minority share of the property. 

Now if a net listing is legal in the state, then I would say have a license, but if a net listing is illegal, as it is in most states, I do not think a licensed agent should participate in that activity.

I look forward to learning more from the vast wealth of knowledge and experience from all that participate.