The main disadvantage of a license in my opinion is the record keeping required (files of the forms completed), but most of it you would want to do anyway.

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul 

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul 

I have also enclosed an LLC-1 form that was filed with the California Secretary of State.

Google (Name of County) Recorders office, or (Name of County) Tax Assessors office.There should be a place to find out if records are online, if they are you should be able to input the address and get records or at least the type of records filed. 

In AZ if you accept partial payment it restarts everything.Some banks actually won't allow cash deposits for money laundering issues.

Let me clarify with some more details:Jan 2011 = bought home for $75kFeb 2011 = completed rehab for total $2100March 2011 = tenant moves in.April 2012 = filed tax return with cost bases of $75k for the house and the fully deducted the $2100 on my return as repairsJuly 2012 = replaced roof ($5.5k) and tile ($3k)April 2013 = filed tax return and started to depreciate the roof & tile expense over ~5 years (what ever turbo tax said I should use).May 2015 = sold home for $136k.

I am 26 years old and I live in the West Valley of Phoenix, AZ.

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul 

I did some research and all permit filed/completed.- Complete yard makeoverI do feel my initial rehab budget is way low based on the items above and reaching out to BP members for advise.Thanks.