Linda,
You can represent yourself under a sponsorships of a real estate broker ( versus a sales agent which is the license you would be getting to start) You could join one of the agencies that charge you a monthly fee as opose to giving them 50% out of your commission when you buy. Friend of mine got his license and sold his 3 bedroom coop doing exactly that. He saved a lot of money that way.
Cost of the license is minimal $300-$400. I do not think you can deduct this as it does not qualify as continuing education towards your established profession. You should confirm that with your accountant.....
Check out http://www.rutenbergrealtyny.com for the monthly fees as opose to commission split formula
Best of luck with everything

I am not from the Westchester area so I am not sure where you would go to get your license, but if you look online or go down to one of the real estate agencies in your area they can tell you where the closest school would be.

As far as expenses go, it can be expensive especially in the begining. You will need to pay the Board of Realtor dues, and Errors and Ommissions Insurance. These will run you about $800 combined. Then there are expenses like purchasing signs, business cards, mailings, websites, etc. These can vary quite a bit, but they really do add up quick. The problem is that in the begining you don't really have any income coming in, yet a good amount of expense going out. You need to be able to survive like that for quite a while. Yes it is all tax deductible so it will help you come tax time.

Lastly, yes you can represent yourself when you buy a home, but you will still need to go through the broker that you are working for, so most likely (not true in all cases), they will still want a cut of the commission. Once you are really established this might not be the case, but if you are still fairly new and haven't brought the company much money yet,, they will most likely take a cut.

Hope that helps you a little. Good luck....Lyssa lgugliotta@coachrealtors.com