You have no idea if they are following the law, AirBnB rules, paying taxes, etc.

Other than reduced bonus depreciation (if you're using that strategy), without any tax law changes, rates will be largely the same for 2025 as 2024, so you may not lose much by delaying receipt of the bonus by a month or two. 

Some title companies are not comfortable with wholesaling, particularly in states with related laws. 

@Robert SandovalHave you looked into the rules and laws in CA for what requires a broker's license? 

.: @Yori DeanYou will have to eventually need to deal with the new law that they passed regarding wholesaling. 

If Oklahoma has a law called "Predatory Real Estate Wholesaler Prohibition Act", don't you think that might just be a state to avoid for a new wholesaler who doesn't know much of what they are doing yet?

Add a very diversified economy here with banking, insurance, oil and gas, education, three medical schools, 3 law schools, life sciences, DFW airport, and so much more, it looks like the growth just goes on and on.As far as appreciation goes, that's always tough to predict. 

He may get stuck with rent control laws that prevent him from catching up later. 

Even though the distance would be a lot farther to travel than initially investing in another Chicago neighborhood, I know the tenant laws are a lot more relaxed out in the suburbs, the average price of property is much lower, and it just feels like a smoother entry point than a large city in general.I'm very interested in multi-family properties to begin my real estate journey and have worked on putting a team together, so I am getting closer to actually acting, not just observing.

I'd try to understand landlord laws in each market - i.e. figure out which markets are more landlord friendly.