Fraud and provado will only invite regulation that will kill the opportunities in the industry.  

There are a lot of regulations around setting up a real estate fund (soliciting investors) and I personally would not want to join or be a part of something that other people have set up.  

I have two licenses already and don't want to be regulated if I get another license.

Make sure that property pen's out in the worst condition and make sure that if you had to pivot it to a standard rental (due to forced regulations in your market) that it still cash flows or you are not underwater in a market correction. 

If an investor is strictly a landlord,  he cannot use Sch C at all.

its does not exist in the strict insurance world there is no such thing.

For buy and hold, be sure to lookup the new floodplain regulations from FEMA.

I need to learn more about the rules and regulations and if its a good fit.

@Matt Schambeau @Jack WilliamsI'm a broker in Michigan and we specialize in residential assisted living (called adult foster care in Michigan) Are you looking to get into it strictly as a real estate investment with somebody else operating the business, or get into owning/operating the business as well?

IRC Sec. 219(f)(1), Treasury regulations, and IRS Publication 590-A,Contributions to Individual Retirement Arrangements (IRAs).