The last few STR deals I closed where my client used a second home loan, they ended up putting down 20-25%, preferring to have more equity in the property versus giving away thousands in fees to the lender. 

It's up to their tax professional on how to present that info on their tax returns.

You do not need to set up an entity in a different state to wholesale.

Growing up I spent years working in all aspects of building a home from concrete to roofing.

Do you look up competitor rates?

I like investing in cities that are blowing up in terms of population, job growth, and companies moving and developing there.

After 8 years or so, you've got three or four properties and the world opens up to you at that point. 

Keep networking, learning, and most importantly, taking action when the right opportunities come up.

Every investor, even the experienced ones, has that “Did I mess up?”

@Roger Kim If your friend qualifies for the Section 121 exclusion, he can exclude up to $250K of capital gains, but gifting you the proceeds won’t legally avoid your tax liability.