Regardless of legal nuances, I can tell you from extensive professional experience: Don will WIN an IRS audit for his Subject-to interest, as long as he can show that he made the payments.

This can create deprecation needed to offset these gains, and we don't need to qualify for real estate professional to take advantage of it in this case here. 

The successful wholesalers are the ones that are direct with the seller and have done an analysis on the deal to show it can be a successful investment (always double check with your own)totally agree, I would add the don't act sketchy and present their available homes in a consistent/professional manner to buyers. 

Again, large commitment of time, patience, and ability needed.The amateur of “semi pro” investor should realize that the professional investors (such as myself) spend ALL DAY EVERY DAY doing the above.  

I would have to have a walk through with a professional to give me an appropriate estimate. 

Were the installers skilled and professional?

Pay attention to how professional and transparent they are.Avoid Pressure Tactics: Scammers often pressure you to act quickly.

I was advised today by a retired real estate professional, who is licensed, that if you offer an application to someone for a loan, you must be licenesed by the DRE.

These are professionals with additional training and a stricter code of ethics.

Having reasonable expectations, hiring a local professional (Realtor or PM), doing your research, and doing everything right (i.e. pro photos, professional design, good renovation, proper amenities and location, etc) are the keys to success in 2025.