If I understood it correctly, it talked about exchanging properties when the values had appreciated in an effort to build capital for the long term vs aiming for immediate cash flow. what are your thoughts on that?

LOL... never quite understood that.I was just thinking also about my activities in charelston SC  we have been there 4 years now on our 20 plus new build.. and half a dozen reno's  total of ONE came from wholesaler rest right off of MLS.

No, we are not gurus... we simply understood what the market wanted, and built a system that worked.  

Anything late-night was either something that could wait until morning and the guest understood that, or something major enough it required a specialist (HVAC repair, plumber, etc) which I can call just as easily here in Utah as I could if I were standing in the house.Now if you were charging $300/mo and were interacting directly with guests and fixing small items (towel rack fell off the wall, etc) then that would be more enticing.

I never understood $5K or $10K wholesale "fees" either.

She understood and responded to what I was asking for.

For management, I put 10% but will probably end up being 9% if I understood the pricing I've seen locally.

I never understood why people do this.

I did a search for Hawaii and Oahu on Bigger Pockets and found a bunch of your posts and was especially challenged by your well-written article arguing against buying a home in Hawaii (or other primary market where rents are less than 1% of the home value)  (If someone can show me how to find Lane's article on biggerpockets, I will post a link, it was very very thought provoking)    What I understood from your writing (here an in the other article), if a person had to live in Hawaii and had $500k to invest, he should buy some cashflow capable real estate elsewhere in the states (KY, PA, OK, etc. where a SFH can be purchased for $30k -- less than the price of a decent building lot in AK) and pay the Hawaii rent  with the net cash flow from the other properties. 

Originally posted by @Nathan Williams:First of all I am not a lawyer, so the following only relates to what I understood from my study of the subject.The owner of the property is now the LLC and not you.