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.

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

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 ...

He uprooted his entire family, kids and all, to avoid prosecution in the states and took his millions with him.  

Stating that a member’s post is “totally false” is tantamount to calling that person a liar or an uninformed fool.Well, I’m flipping the script and telling you that your post is totally unfounded, not credible, and ridiculous, for the following reasons:In regard to your first point, see Texas Attorney General’s Opinion H-356 which provides that "under Sec. 31.04 [of the Texas Penal Code] one who secures the use of rental property by deception, threat, or false token is guilty of Theft of Service.When the tenant's right to possession under a lease is expressly made contingent upon the payment of rent, the tenant is subject to prosecution for theft of service, if he knowingly pays his rent with a worthless check."