The responses seem to help make that distinction.

There is not a very strong distinction.

This being said, determining what partnership looks like to you is entirely up to you.I advise, in the beginning, have a distinct role each person plays.

Ahh I knew that there had to be a distinction because I know you have to pay the money back in mortgage forbearance but I wasn’t sure if was synonymous with payment forgiveness.

Improvements: The IRS makes a distinction between repairs and improvements.

Are the distinctions you lay out here still present in agency vs. non agency debt in commercial asset classes?

So this reason two distinct agreements

That's a big distinction you need to realize in how you do things.To wholesale, you have to talk to the seller and get them to sign an agreement that says they will sell to you and it's okay for you to find a buyer to assign the contract to.

I don't believe I have a distinct competitive advantage (yet) but agree that the risks/effort matrices are different between the two investment options.

There is no legal distinction that makes a short-term rental any more of a “business” than a long-term rental.