He has agreed to provide me with MLS Comps in exchange for any dead leads that I may come across that I can pass on to him.I'm reading a lot about Bandit Signs, but they also seem to be illegal with city ordinances.

It is just a question of which methods you prefer.The key to wholesaling is to generate as many motivated seller leads as possible.I like craigslist and bandit signs.But there are numerous other avenues also.Some are driving for dollarsGet a list from list providerWebsiteLocal REIA meetingBirddogs(mailmen,friends, co-workers,etc)These are just a few ideas.

My inner social worker wants to tell them as soon as possible.

For example, if you find a house, negotiate a sale price with the seller (without signing a contract) and then go advertise for buyers, that's most likely illegal -- you are acting like a real estate agent, and if you're not licensed, brokering real estate is illegal.

If I had a business loan to hire additional workers to pimp out, I don't get to take my operating expenses PLUS depreciation, because there's no asset to depreciate.

And is it illegal to have two contracts/buyers going at the same time as this seller is doing?

I don't know why it would be illegal in TN, but don't know about AK.

You also may not negotiate any mortgage terms, unless permitted by law in connection with the sale of the property collateralized.Your liability, acting illegally?

Now NYC I do believe that it is possible that ALL basement, cellar aparments are illegal.

While non-disclosure of my professional status in the mailings would not be illegal, it would violate the Realtors code of ethics.