BP is a great place to gain a lot of knowledge, I really appreciate everyone's input into it!

An owner may already know that and begin looking at a gain over depreciated carrying value, need to recognize that as well.

With the tax laws allowing you to exclude $250k in capital gains on your residence, you can buy properties on the cheap, live in them and fix them up, and sell every 2 years (you must live in the property for 2 out of 5 years) for a profit with no income taxes on the gain.Similarly, you can look to do the same with duplex, triplex, and fourplex properties.  

At the same time my short term goals are to get established and gain some experience in whole selling.

Is there anyone in Chicago that will let me wash their car and cut their grass in exchange for letting me tag along and gain some know how and experience in real estate.....I am serious.

@Donna CurtissAlso consider the self-employed solo 401k as you don't need an LLC to gain checkbook control and it is often less costly.

But, as I gain more experience I would like to buy and hold, as well. 

Also, you can talk to them about a 1031 exchange if they decide to sell and how they can roll the capital gains into another rental property.

I am looking to wholesale properties to start in order to gain some capital for rehab and flips.

If the equitable interest gained by a buyer is insufficient for the amount of the sale price of an asset, if it is not usual or customary, if it is only a small token amount, the seller can avoid their obligations as the contract may be seen as frivolous, not in good faith.