RE is highly regulated so how things are done and what is customary in your area is the first thing to learn.

Have you read into your HOA rules and regulations?

So I want to wholesale a few homes in order to supply a down payment on a rental property or even a rehab but there always some new law or regulation on the topic that make me go back tot the drawing board.

My point there would be, shop around for the components and you can save serious $ over the course of a multi-touch campaign.Bandit signs violate local regulations in many areas, but in some you can now get a permit to put them out for short periods of time.

Would it be very beneficial to get a basic real estate license as a wholesaler or does this add too many regulations, limiting what I can do as a wholesaler?

She, (who BTW had been a regulator for the Dept of RE) looked over the top of her glasses and said "Bill Gulley, you can do anything you want to do here!"

You also need to check on how these arrangements are viewed locally under state regulations as they may be seen as an arrangement to circumvent property management and license laws since you are basically leasing property that you do not have an onwnership interest in to the public.

I really wouldn't be surprised if this practice found itself in the cross hairs of government regulators.

I can assure you there is now law, or regulation, to this effect it's an individual policy.

Laws and regulations regarding use of real estate are Federal, State, Local, county, city, and possibly special districts.