Net effect will be the same,  but you're freeing up a Fannie Mae "number of financed properties" slot every 7-8 years instead of every 20 years. 

What other types of marketing are effective for wholesalers?

These meeting are excellent,  and the subgroups are very engaging and informative.  

It's simple, but incredibly effective.

I did take over someone's contract last year on deal, but usually it is more cost effective for me to pay more on marketing myself than buying from wholesalers. 

Perhaps there are more effective ways to "offset" capital gains, but this has been my experience.  

Do you have any tips on setting this up effectively without breaking the bank on legal and other filing fees?

Good afternoon from Kansas...First and foremost - to each of you who take the time to reply to us "newbies" - thanks - I see a lot of introductions on here and many of you veterans patiently engage with us, and for that, thanks - thanks for taking your time...I recently sold my first business of 10 years and am in the midst of making a "career" change.  

It looks like you may have kids, so I'd also take time to consider how your decision may effect you, your kids, and what may be left of your relationship with your ex.

You might check if there is a municipal occupancy code in effect.