As Andrew points out, checkout Reg. 1.168(i)-8. for more info on this.

Here is an example of what can go wrong with a new wholesaler just like you... check out this crazy thread (it's worth reading the whole 8 pages here: https://www.biggerpockets.com/forums/93/topics/889922-i-got-... and here is the summary: brand new wholesaler got a "virtual wholesale" deal under contract in Mississippi from NYC.

Sort by revenue and check out the listings of all the top performing properties and see what amenities they are providing.

If you are going to self-manage, check out the RPOA for support and information on local and state-wide issues affecting landlords. 

and the towns on highway 20  all the way to Neveda city Grass valley all within 2 hours of sf.North  maybe check out cabins in Russian river for STR purposes etc.

Check out my rental on airbnb RV in resort like setting. 570 Touchstone circle Port Orange.

Check out NACA, If you have not bought a home yet, NACA pays for your down payment!  

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

And what were the things you thought would be very difficult but turned out to be straight-forward later on?

This can be fairly straightforward, depending on your agreement and if a partnership return was ever filed, you'll want to report half or your portion of the basis in the property as well as half the sale price minus expenses.