Very little legal protection for either of you in the event that one of you skips town.

And somewhere way back there's an appellate ruling where the judge specifically called this - "The legal fiction of the 1031 exchange".  

You will want to consult both a CPA (for tax implications) and a business lawyer to help set up the legal structure and documents in order to do it propertly.

Aside from that, does this mean that "vacation rentals" like homeaway etc is legal/friendly in most cities?

Some light reading online gave me mixed answers as to if you can legally do it anymore.

Or am I legally able to shut the unit off from the outside since they expressed the intent to be negligent.. 

I have a seller but I want to be sure it is legal to wholesale here.

Mortgages are still in your name.No tax/legal advice given

Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you haven’t checked it out already, the Bigger Pockets blog features links to their awesome podcast and many great articles: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

I was a loyal and forgiving husband and got run over by the train known as sheisty divorce lawyers and the anti-Dad legal system.