I'm interested if others have had success with this, though, and I'm curious what people think of the ethics involved on the buyer's agent side. 

What does the operating agreement state about buyouts?

You wouldn't ask a podiatrist to operate on your back just because he has a license on the wall...and, you wouldn't take the first back surgeon you find either.  

This guy seems to have an issue with un-ethical home inspectors working in collusion with Real Estate agents.

He operates in South Suburbs.  

@Curt SmithI'll make a really broad statement, if you do want to do one or two sandwich lease option deals a year it's not a big deal as far as being licensed, this is only my opinion but I think most "departments of real estate" could care less of 1 or 2 dealsThe big point I'm trying to make is if you want to do 50 to 100 of these deals a year, there's no way around not being licensed in most states because you're acting as a major business operation, there is a pattern of similar business activityAnd I've said this over and over, all it takes is for you to get a negative reputation at the department of real estate in your state which will stain your reputation from being licensed in the future; all it takes is one real estate broker to write a letter to the commission and now you've got headachesIt's prudent just to get licensed and build a business you can be proud ofA sidenote:  I think a lot of people on BiggerPockets think that if you are licensed it stops you from doing creative deals,  that's not true at all.Regarding sandwich lease options on nice houses in nice areas, Dodd Frank excludes your relationship with the owner as an investor, if your subleasing and sub optioningI think there's a great opportunity for you getting rent credits and doing creative contracts with your owner as an investor with sandwich lease options, but don't be broke and not have some reserves like 3 to 6 months in case the tenant buyer doesn't pay you when you sub option and subleaseAnother issue is be careful of who you let into the house and make sure the tenant buyers  work on their credit and save money for down payment and they truly want to be homeowners.

You can hear stories from all kinds of people being successful in real estate by buying low and selling high (or holding) and doing it ethically.

If you're looking to possibly get hard numbers, I would recommend contacting @Albert Bui, he is a mortgage planner who I believe operates out of the South Puget Sound region and is used to working with investors.I would also look to get in contact with a good real estate agent, one who can help you start to figure out what you should pay for a given space.Cheers, and keep asking questions of the community!

You'd want to make sure that the individual soliciting you for investments operates with Integrity, is Trustworthy, and has a nice list of completed projects.If you have no completed projects under your belt, bring in someone who does 

So obviously if the area has hit that limit then bar owners or liquor store operators probably wouldn't be your target market.