The reason I'm considering this, is because I'm planning to purchase a 2nd property, and feel that my current prop mgt company knows more as far as neighborhood, rent potential, repair, etc compared to the regular real estate agent.Any thoughts ? 

Your best bet it an accountable plan in which you submit expense reports regularly.

Start running through Google with some keywords and see which rentals in your area begin to populate regularly.  

I did a cash out refinance that allowed me to remove equity up to 25% (I even had 6 properties) and than restart the 30 year loan.

You can't force a market, and just because it's close doesn't make it a winner...it may just mean you can easily drive by all the properties that you own that are losing money.By the way, we get a regular member, for almost 5 years, that comes from Bay City.

You have great taxation folks here like @Amanda Han and @Brandon Hall and @Steven Hamilton IITreated as regular income unless you buy it and held for 366 or more days.From Steven Hamilton II```You need to realize the two are separate things and you DO NOT want to have flips and rentals in the same entity.

Currently I am mid way through with my classes to obtain an Illinois real estate license, and my expectation is to add extra capital to my investment fund by working as a broker part time outside my regular job. 

When a tax-exempt entity is engaging in a business on a regular or repeated basis, and therefore competing with tax-paying businesses, there is a trust tax known as UBIT that is incurred - as a way to level the playing field.  

Trying again as my post was removed.

Is that something a regular real estate agent can draft up, or would it be better to get a lawyer to draft that up?