I think too many agents stop being concerned with how to help from an investor standpoint when they hit a comfortable groove so I come on here all the time to read up on issues and solutions from investor viewpoints, lender viewpoints, contractor viewpoints, agent viewpoints and sometimes even governing body viewpoints (usually the least fun to read but still informative all the same).

The current federal government is messing with this a bit which is likely to what your accountant was referring with "Taxes might be the same".The other thing to consider - and discuss with your accountant - is the treatment of capital gains when you dispose of property.  

@Nandy B. if your local government and housing codes allow it, you should be fine

Therefore, entities such as local government attorneys or individual citizens can bring civil action against people participating in unlicensed activity.  

Should I make the portfolios all diversified between the different sub sectors such as office, retail, industrial, hotels etc. and have the differences between the portfolios be how aggressive they are or should I give the investors the freedom to choose how much they want to allocate to each sub sector.

I don't know laws governing Detroit, but in California, if partial payment is received by a landlord even after a 3 day notice to pay or quit, the tenant can use this as a defense in court.

I was relieved to be off that government teat. 

I know that it is guaranteed income because the government guarantees it. 

My thinking was people who i've know for many years, since I also work in the financial sector, I think RE investing shouldn't be a big stretch.

I've also spent $800 on a bankruptcy attorney to make sure my rights under the note are protected and to file a "transfer of claim" from the previous servicer, who initiated legal proceedings once the borrower started down bankruptcy road.My legal costs are governed by government guide lines and will not exceed the $1k, and the $800.I've hired Madison Management to service my note.