They'd be much better off being a Hard Money Lender and make 5 times that (and every repair to their "investment house" is paid by them...So, if you put $10k down on a property and make $150/month net cash flow your Coc Return (annualized) is 18% which is Very Good.If you followed that and understand it then keep looking for a deal.

Understand that the cost to the investor is only the cash that's out of pocket. 

That's understandable.

Yes, as far as my non-lawyer understanding of the laws read, it doesn't matter that there is an end date in the lease, you still need to provide proper notice if you are not going to renew it.

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

@Steven Catudali don't understand the value that he is bringing... those are all just items you can pay a professional for. 

Some states are easier than others; however, it is important to understand the process and laws of owning properties in another foreign state.

A coach won't do it for you, so you need to be sure you fully understand what you're looking to achieve and have the time and energy to get the results.

These are by far the least amount passive so do your due diligence on understanding how to run a successful STR business and researching local laws on allowing STRs.2.

Just remember that wholesaling is much tougher than all the gurus make it seem to be, but not impossible at all if you create the right systems and understand, when you are new, that you are solving problems, not throwing cash.