He has great energy and seems to be a natural teacher.

Like-kind property is property of the same nature, character or class.

@Josh Rich Exposure to UBTI would depend on the nature of the arrangement.  

That can be a problem if there is a natural disaster causing an excessive number of claims.

Have you had a natural resources / mineral survey done to see what mineral rights you could possibly sell?

My passion for learning, resilience and competitive nature I believe will help insure my excess in this business.My goals for the real estate business is to establish a solid foundation and understanding for the market and how the wholesaling process works.

Naturally, the LLC would charge management fees as the general partner but would I (or the firm) need to register as investment advisor with the SEC to charge and collect those management fees?

I would personally buy or not buy in this situation.Maybe I'm being super conservative, but it's in my nature to be cautious.

More money is made by forcing appreciation through various techniques along with natural market appreciation and cash flow generated.

It has high rejection, but will get you paid, paid well, and paid fast.Passive Marketing is mailing, pay per click, running ads, things of that nature.