Step two is learning to make it profitable.

Do you need an S-Corp depends on your overall tax situation and profit you are expecting form this flip.This post does not create a CPA-Client relationship.

Since I renovated it to my preferences, the home was able to command $3,500 rent/month with roughly $1,100/month in profit. 

At best, wholesaling may require that you obtain a minimal understanding and experience in these three “foundations”.Look, I wish you luck in your endeavor, and I sincerely hope you end up in the 1% that find wholesaling  to be a profitable business.  

I see 3-5 as a fad.Fractional ownership - way to much overhead for these to be profitable. think "timeshare".STR in non traditional markets - running a STR is a business and real estate, boils down to location location location - who would want to go to a conference and stay in a STR vs. the hotel where the conference is at, most businesses pay for this I do not see why.Mixed use with green - this has been going on for years- it will continue but it is also more expensive to build - which means higher costs to use.Not trying to be debbie downer, I have seen these attempted to be done in the past and they really have not been successful.I do really like the BTR model though as I continue to see that as a very good option in the future. 

Limited capital means that partnerships will help us move faster while the environment is profitable.

Define roles, financial contributions, profit-sharing, and responsibilities in a detailed agreement.

However, we also recognize the time value of money, so while it might pencil out to turn a profit, but we get an immediate payback versus a six to nine month holding time, it might make more sense to sell them both as bare land.  

the profit is far less than I typically achieve but this is an awesome cabin (it was owned by a country music star in the past). 

And for two valid reasons: they don't know if Don is a trustworthy borrower (which he is not), and they could get a lot better profit (for the bank) from a brand new loan.