We're right next to CA but get the benefits of no state income tax, 4th lowest property taxes, much more friendly landlord/tenant laws, no serious weather, proximity to Lake Tahoe, stable job growth/population growth, etc. 

While I haven’t chosen a specific niche yet, I’m leaning toward purchasing a multi-unit apartment where my 20-year-old son could live and help manage while we rent out the other units—essentially a form of house-hacking.So far, I’ve connected with a few real estate agents and gained MLS access, which has been a great starting point.

.- Depends on what you're doing specifically, but usually I'd recommend getting an EIN at least to give access to business bank accounts- Repeating #1, if you're going to a property and 100% of your time is spent doing renovations and the like, sure, but if any of it is for personal benefit, that'd be disallowed.

I think some min level of regulation benefits everyone, including wholesalers who currently operate in no man's land. 

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

And would this be considered "capital gains" since it's re-sold under 1-year therefore having to pay a large % of tax on the profit?

(Hands-off or hands-on.)I like STRs as a way to make money while you wait for a property to gain value, but at least for us, cash flow is simply the icing.

The owner doesn't really benefit much except for not having to pay a mortgage anymore?

Giving them a financial hand to leave could be to your benefit, but I would keep that in my back pocket until its necessary. 7.

We lived in the property for 2 years and rented for 2 years to tenants, so by selling now, we ensured that we could avoid capital gains taxes.