I would just do an LLC for simplify and protection, As a Utah business and real estate attorney, we advise investors clients on a regular basis how to set up these sorts of structures.  

Obviously, this is an overly simplified plan, but am i looking at this the right way?

Because the closer you get to being able to quit or retire and be self sufficient on rentals the less risk tolerant you will (and should) become.But a very simplified way to think about building a bigger portfolio is to imagine a paid off rental that is worth $100K and nets 6K a year.  

If the proposed bathroom is directly above the existing one, it simplifies things greatly.  

Basically in simplified terms, a heat pump is an AC unit that runs backwards in the winter.  

(Ask your lender this)Ok lets simplify what you're doing because I may have missed something.What is your goal?

You have to short sale it.Here's a very simplified example.

A great read on execution and simplifying and implementing better Rockefeller Habits.

I find they over simplify what I think is a relatively complex and difficult to execute strategy.

I'm a fairly new wholesaler so I don't have all the answers but I've found that its easiest to simplify things.