Just because he’s the BIC doesn’t make him the end-all for knowing everything about RE or the possible issues involved. What it does do, however, is make him responsible for YOU if you DON’T know or do it wrong. Simple response here is that he is either going to let you do it, and he needs to find out, based on what you are going to do, what exactly you can do, or he’s not going to let you do it, period.
Of course, that again depends on exactly WHAT you are going to be trying to do. Doing deals not strictly MLS/retail buying and selling isn’t exactly a wealth of information. If you came to me and said that, I wouldn’t let you proceed either. You need to be specific.
What your attorney has said, or hasn’t, doesn’t really matter UNLESS he is well versed in RE commission rules/regs as well as Realtor code of ethics.
Since you haven’t clarified, I throw out some possibles, depending on your state laws concerning such:
As a Realtor, you cannot do Sub2 deals, period, without risking the loss of your (and your BICs) license.
In some states, an agent MUST represent the seller in a transaction. Makes it kind of hard to be the buyer AND to get the seller the best possible price.
Even if you don’t have to represent seller or able to have seller sign release, you, as a Realtor, must disclose your professional opinion of value of the property. Again, harder to buy when you have to say, “it’s worth $100K, I’ll pay you $50K.”
You cannot list/sell any property from anyone that is NOT the registered owner. In other words, you cannot put a property under contract, then list it on the MLS as yours because you do not yet own it. What you are selling at that point is a contract, not a property.
RE Commissions laws/rules vary by state and state laws concerning RE are changing faster than ever these deals. Make sure that you know them before you jump into “creative” deals as an agent.