You also won't have to worry about getting prosecuted or sued.But if you make your living screwing sellers out of their equity by unlicensed wholesaling, the first thing you sacrifice is your ethics and your conscience won't be far behind.Start by searching on [your state] Association of Realtors and see what classes are required.

I predict there will be criminal and SEC civil prosecutions of some of these syndicators.

Using a fraudulent POF is considered an attempt to commit financial fraud and you can be prosecuted if the agent contacts the authorities.

Wholesalers are outside of the law and only risk prosecution if an angry family member turns them in or sues them after they steal a pile of Grandma's equity.The simple fact is that every cent a wholesaler makes comes from only one place - the equity in the property. 

The Act, however, bars the IRS from using several of its normal enforcement tools, such as criminal prosecutions and levies. §5000A(g)(2).

So, it seems there may be a basis for prosecution.

runs the risk of Federal prosecution for illegal discrimination.My $0.02 ...

In an area like New York City, I would absolutely look into legal alternatives to self-defense because of the high likelihood of prosecution if you ever had to use the weapon.

If Clayton Morris were to be criminally prosecuted by the US government and found guilty / sentenced to jail time, yes it'd be a lot harder to enforce.

Please say "yes" otherwise you are acting as a real estate agent and are likely to be prosecuted.