They were a bit older than me and a smooth talker, and he knew everything about contracting... allegedly. .

I say it is the first deal because it was brought to me by the owner before placing any other deals under contract (which I have done in multiple states) legally, and ethically.

My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?

This STR would also be a place for us to block dates off for ourselves between work contracts (if we want to), which adds a slightly more personal investment in this one. 

AND Its my contract the customer signs .

Contingency lawyers are not interested because of Arbitration clauses in the contract.

For those with limited funds, starting your journey through wholesaling, can be a smart move.

Cut rates, or implement smart pricing, or both. 

Also, as many have said- it's smart to start off close to home if possible.

I am contacting homeowners on the pre foreclosure list, getting contracts.