But, it requires that we continually buy properties so that we can continually renovate and do cost segs otherwise, at the end of 5 years, the deprecation write off drops and our AGI goes back up. 

Or if I continue to run my association fees through the partnership, will I need to run that "other income" through the partnership as well? 

You'll likely continue to hear different stories, for the simple reason: Different Lenders = different rules/overlays!

Here is how it can play out in both scenarios (there are more pictures on my website).FlipPurchase price $72,150 (includes closing costs)Rehab $40,353Holding costs $2,184AVR based on appraisal $150,000Closing costs on the sale %10,500 (7% includes realtor fees, concessions, and title fees)Profit = $24,813 (if we sold it at the appraised value relatively quickly.  

Which is where an agent comes into play.

After listening (and continuing to listen) to numerous podcasts, and watching several webinars, I decided to upgrade to PRO membership. 

Owner financing really comes into play on a 5 unit or more because then someone is going to have to carry a commercial loan which is much harder to get. 2-4 families get snatched up quick.

The days you are not busy doing real estate stuff you should plan on being at a kids ball game, a pancake breakfast at the local Lions club, a school play that you donated $50 for, getting your car washed at a local fundraiser by the soccer team, volunteering at a local chicken BBQ, taking your dog to agility classes and meeting people etc etc.

A lot at play here as Michael eluded to.  

I'm hoping to continuing learning from this site and build relationships with other wholesalers and investors.