I like your HELOC strategy for pulling money out of you primary residence then using that to buy another rental.

Spending time and energy with residents and contractors is fine for many but not for others...we all have different goals.

The neighborhood is not near high ranking schools, but the residents that by in our community are high income earners.

The neighborhood is not near high ranking schools, but the residents that by in our community are high income earners.

Thank you, KarlaCA has rules about CA residents using LLCs in other states to avoid "taxes" in CA.  

My plan is to purchase this deal for $200K cash and wholesale it.This situation involves a 101 year old elderly family member that owns a Davidson County, TN residence free and clear of any liens.

The Owner even scheduled a 40 yard dumpster 1 week prior to closing to allow the residences an opportunity to discard any items that they no longer wanted. 

Your primary state of residence and principal place of business comes into play with many states. 

If I don't expect any rental income for 2017 but all of my repairs happen in 2017 will that cause me to lose any of these deductions given that it's 100% my primary residence for that tax year?

Your parents have been living there but in order to qualify for sec 121 it must be your primary residence so screw the 121 it won't qualify and you'll end up really screwed :)  There is a safe harbor in Rev Proc 2008-16 that establishes 2 years as adequate.