I keep separate and distinct records for each designated series using QuickBooks Online.

But I still don’t know the distinction of wholesaling and just being a realtor?

Can someone explain this "rentable" distinction?

I didn't realize that lenders made meaningful distinction between SFR and live-in 2-4 plexes.

Definitely agree, I would add a level of distinction though. housing can rise, but the total COL for TX is still lower than CA.

In my friend group, nearly all who rent could afford to buy.... renting simply fits their lifestyle better at this point in time....I think that's an important distinction.... it's not that millennials can't purchase a home.... it's that they choose not to. 

It wasn't until we started having trouble that Clayton and co. started making that distinction and trying to distance themselves from OP.As for your final point, I agree wholeheartedly.

Not all states have the distinction.

Structuring you affairs in this manner, your out of state holding LLC does not fall within California’s jurisdiction and is immune from its enforcement actions.Also, a benefit to using an attorney is that trial lawyers are more likely to go after you if they see you have a DYI LLC: they assume you may not have done a good job running your LLC as a distinct entity and maintaining good records.

If the market flips to a buyer's market, updates will help you to compete.There's an important distinction between upgrading a functional kitchen, bath, roof, etc and repairing one that is broken.Buyers will want important repairs made.