You are also buying the property for 600k after 10 years and giving the person you are lease holding to the option to buy the property at 1m after 11 years.There are TONS of other legalities that would take weeks if not months to talk about and sort out between you, the person you are buying from, the person you are selling too, and the HOA if you are purchasing a property on top of a property (for example a condo) but there is money to be made IF DONE RIGHT.Please I highly suggest anyone with more extensive knowledge critique my post and iron out any of the wrinkles you may see in it and continue explaining if I missed any crucial parts.

It will explain alot.  

@Chris SeveneyThanks for your advice . i dont want to invest more than 20k in unknown ( for me) area .Can you explain finding parthnership?

If you are using a HML it also helps to be able to send them theirs or something that has more to explain Scope of work and unknowns.

Hi Account Closed,It's your lender's job to explain, not mine,  but I'll help. :)then he asked me to also provide a copy of the directions on how to take money out of my 401k if I needed to take money out.

There are many pros, but two cons that seem most prominent in my mind of the bat: 1) getting a license doesn't make you an expert out of the gate, even with MLS - an experienced real estate agent can guide you into an emerging market that you might not know about vs. an obvious, saturated market, for example, or explain why a comp only .2 miles away is actually no good for your prospective purchase, among other things 2) if any litigation were to arise in your r.e. business, having a license will almost undoubtedly mean you are held to a higher standard, probably with respect to any aspect of the deal. 

Or can someone explain to me how it can be done without getting in trouble for acting like a broker?

Has this happened to anyone else and were they cool about it once you explained what you were doing?

Wondering, could you explain: "if you run your proformas out the life of the asset you do in fact not pay any tax"?  

@Joseph Scorese Do you mind explaining what is the FNMA 10 Mortgage rule?