We've agreed to price and now procuring the loans for both  Feels really great to to move from wanting to get into real-estate to taking those first steps to make it a reality.  

It seems it would be difficult to procure buyers if you don't have properties, but risky if you have properties with no potential buyers.

The point was made that the federal agencies are tied to procurement requirements that do not ensure the agency gets the best deal, the best provider or best value for the money as obvious with the best known government web site today.

It is unlawful for a person, in connection with the application for or procurement of a loan secured by real estate to: (1) Employ a device, scheme, or artifice to defraud; (2) Make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading; (3) Receive any portion of the purchase, sale, or loan proceeds, or any other consideration paid or generated in connection with a real estate closing that such person knew involved a violation of this section; or (4) Influence, through extortion or bribery, the development, reporting, result, or review of a real estate appraisal, except that this subsection does not prohibit a mortgage lender, mortgage broker, mortgage banker, real estate licensee, or other person from asking the appraiser to do one or more of the following: (a) Consider additional property information; (b) Provide further detail, substantiation, or explanation for the appraiser's value conclusion; or (c) Correct errors in the appraisal report in compliance with the Uniform Standards of Professional Appraisal Practice.2.

My dream is to procure a multi unit rental property on LBI and to occupy one of the units year round .

Do you look for properties that you'll likely eventually procure? 

I have 2 rentals on a well, so I now have added responsibility of water PROCUREMENT and water TREATMENT.

(ie rennovation budget, time to complete rehab, procuring tenants)Thanks and I wish you continued success!

Depending on the type of financing you're procuring a lender may obtain a credit report and run a background check.

(A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.As you can see from the above law that act of "wholesaling" would fall under 7 of the 9 legal definitions of acting as a Real Estate Broker.