Unless you have multiple units with a business account. 

Check out Zen Business for forming an LLC it's pretty affordable and has a "pay as you go structure" They have a registered agent you can get as an upsell for instance.

However, this would increase my costs by about $4,000 a month (about 3K would be spent on skip tracing).I'm also exploring the idea of wholesaling in other states instead of in Northern Virginia and south part of Maryland.

That's what they strive for in normal business, taking on the normal risks.     

Your friends might not fully grasp their financial situation at all.Stash that entire $2k cash flow into your business savings until you have enough in reserve in your business to cover vacancies. 

They won't do business with someone unless they have done similar business before. 

As long as people keep migrating to Florida and the economy remains strong, there is no reason to think home values won't continue increasing, especially if you are looking to hold for multiple years.

But now we are finally ready to start a family and need the space for our home businesses, in-laws, etc.

TONS of SFR listings in the Troost corridor heading up to the river and then curving East along independence Ave.But they present many challenges; vacancies  (due to below C market tenant pool), increased maintenance and repair costs (due to below C market), and increased cap ex due to homes in this particular region being older (many century homes).Then, even if at the end of the year it does well from a financial analysis standpoint, you may struggle to find the necessary and diligent and high performing property mgmt necessary to manage said property…so then if you self manage OOS, you will need a strong ‘boots on the ground’ team.many challenges come with these ‘$ sexy’ properties.

Hey, I am interested in starting wholesaling in IL and found out that there is a law "preventing" wholesalers from doing business without a broker's license.