When I was in California, years ago, you could buy a binder title policy , to be used in the second (flip) transaction, for a 10% added fee on the original title policy. 

The proceeds from these transactions would then fund the down payment for your buy & hold. 

You will have access to the MLS to find your own deals and be able to represent yourself in RE transactions. 

In a normal retail transaction this is usually after the inspection period is over and everything is good.

There is also the Safe Act, which arguably places more restrictions on Seller Financing and Lease to Own transactions than Dodd-Frank.  

Something always comes up in the transaction and you will lose moneyI would walk away from my $1000 EArnest money before I would put up $127000 cash to make $1000Let the guy getting financing buy it and then buy you dinner, then you would at least guy a meal out of the deal

Makes for easier eviction and/or finalizing the actual buying transaction. 

The lawyer said there are 1000s of transactions going on where these rules are not being followed and there are probably gray ares if someone wants to challenge, but thankfully my husband had the years of experience and we had the assets required to make the class A licensing possible with a just a few prep classes. 

Fingers crossed!!!  

Each property and transaction can be different and you can refer to each property's details page for specifics.