This concept can be applied to wholesaling.

Thanks for posting @Mindy Jensen this concept is nothing new, but many that create LLCs don't understand the concept that you are always responsible for your own actions.

I'm very educated and confident about RE and the concepts.

Useful life is entirely a tax concept that determines how long you can deduct a given investment in an asset, and has nothing to do with how long something will actually last and be serviceable. 

Let me know if I can help.KellyThe Edwards Companies

However, I'm still struggling with the concept of using hard money for rental properties you wan to keep for the long term.

On this same concept, I don't typically buy single family rentals unless my gross rent is less than 1.5% of the purchase & rehab amount. 

I would like understand this concept correctly.If I purchase Property A-Duplex for 70K and it is worth 100K and I put 10K down, I will then have 40K in equity in the property upon purchase. 

Hi, @Charese Edwards .Welcome to BiggerPockets!

To be honest, I'm not familiar with the concepts that you mentioned above but I am interested.