Quote from @Jay Hinrichs: Oregon finally passed legislation to reel in unlicensed wholesaling its in this months publication from the state RE agency.Highlights:Goes into effect  July 1 2025Requires:On line application to become a licensed wholesaler  ( RE agents exempt from this of course they already have licenses)Name of company and individuals who will be performing these services.Each one needs a full criminal background check and approval prior to receiving the license.300.00 annual fee for the license.Written Disclosures in Bold 10 point.These must be given to Buyer and Sellers prior to entering into a wholesale contract and signed for.Also RE brokers assisting wholesalers need to give these to potential buyers and sellers.

If you are raising capital from people you don’t have a prior relationship with, and even people who you do, they would regard you as serious only if you had a professional prepared PPM and Operating Agreement.

Sellers can avoid paying transfer taxes to the county, while buyers are spared from facing significant property tax increases.However, it's important to note that lenders typically only approve these loans for properties with five or more units.

So all of the gain and depreciation recapture are initially still tax deferred.However, like Joe said, the down side is later when sold  you lose the 1031 option. the client will pay tax on all gain and depreciation recaptured from before the 1031 also. 

If so, there are no transfer taxes due. 

Attractive Tax Environment for InvestorsGermany offers favorable tax policies for property investors.

I didn’t see your location in your profile or your post, but assume at least 17% state/federal taxes leaves you with $10k/yr. 

Joint tax return?  

Rentals generate passive income, so an S-Corp offers no added tax benefit.

(Source) This is up from 35 years being the average age the year prior.