I want to have a legal right to that property and it's equity.

Knowing this information will help you identify the right professionals to bring on board.At minimum, your team team should include:Financial Advisor: to help with investment strategies - portfolio diversification and risk management.Real Estate Agent/Broker: to help with property acquisition and market analysis.Accountant or Tax Advisor: to help manage financial records, tax planning, and optimization.Attorney: to provide legal counsel for contracts, agreements, and investment structures.Mentor or Coach: to offer guidance, insights, and industry knowledge.Networking and Relationship Builder (for everything else you will need): to connect you with potential partners and collaborators.

Consult an attorney and tax advisor to structure the arrangement legally and effectively.This post does not create a CPA-Client relationship.

Are both parties represented by legal counsel?

Determine local/state laws regarding wholesaling and determine if (1) you need to be licensed in the jurisdiction you’re considering and (2) if you’ll be able to operate profitably while remaining legally compliant2.

U know when the settlement statement comes in there maybe 1 point but 5k in junk fee's that are disclosed until basically the day of signing as they are not legally bound to disclose all their fee's up front like a NMLS state licensed owner occ loan.

I was told I need to get a good understanding of these subjects:  1) Taxes, 2) Legal issues in ABNB, 3) Negotiations, 4) Short Term Rentals & 5) Tenant/Rental Agreements.

As long as you specify the bank name, address, and interest rate in the lease, you're meeting the legal requirements.To avoid the hassle of having to have the tenant sign the lease twice, you can simply leave the account number blank in the lease and note that the deposit will be held in a specific account at a designated bank.

He didn't have much downside in terms of potential losses, and I could be somewhat passive and protected legally (he owned the building site etc. and took care of liability). 

You assume the owner occupant term is not enforceable...what are the legal grounds for that?