I occasionally handle rentals for clients and list them on the MLS, screen applicants, provide the disclosures, forms, etc.

completely agree with Seth . reputation is everything in this business so if you're going to co-wholesale make sure all parties know what the deal is. disclosure is everything. 

Holding a RE license comes with lot of responsibilities and disclosures. 

But eventually you need to rip off the bandaid and do your first deal.Now full disclosure - This exact moment in time happens to be a bit of a sketchy time to get into real estate.

Usually those PPM's have a gazillion disclosures, so any failure-to-disclose theory usually doesn't work unless it's something really major and wonky. 

There may be (is) a due on sale clause in the first mortgage, so you'll have to sign disclosures acknowledging they may call the loan due if they care to (they typically don't if payments are being made on time), and you'll still need a local RE Attorney to draft the wraparound Note and wraparound Mortgage.I wrote a BP blog explaining wraps here.Tag me if you have any further questions.

if so I dont think lenders can change rates once they give you a lock and a TILA  I dont do owner occ but i take the CE training every year and that seems to be a big issue not changing after certain disclosure go out.

A TAR lease was used and I did see the disclosure you referenced.

If you are being represented by the agent, the agent has certain fiduciary obligations to you (like obedience, disclosure, etc).  

You could also review the seller's disclosures and see if they had negligence on the sale for not disclosing the lift station to you.