Wording in Mo. law is "facilitating a sale" that can be a wide swath of activities and will be defined by the RE Commission.

Probably more suited to SFR, but another angle to consider.

Plumbing covers a wide area. rough, finish and main line from main drop to city connection. the most expensive can be main line.

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I would work this deal from every angle possible, even if it's outside the traditional wholesale business model.

Near the front door, where the carpet meets the tile, the tack strip is starting to get exposed (maybe half an inch or less wide, a few inches long).  

IMO, if it's not 8' wide or has less than 100 sq ft, it probably isn't worth converting, it may be just as valuable as storage.

They would get wide swaths of land to build their skinny tracks.

Fix the place up to increase rents, but you have the cash on cash angle to consider too.

A member of an HOA may be exempt as well, having an ownership interest.Someone who is a principal, a member of a LLC for example can be exempt from licensing of a property owned by that LLC.Managers of housing units owned by non-profits are usually exempt, such as a board member or an employee.Investors may lien on the angle of having an equitable interest in a property too much in some (many) cases.