But I have no intention of buying the house, just want to house hack for short term, have control over the property and find a buyer and sell it for a small profit later on. 

Does anyone have an example of a letter of intent where a commercial building is being condo'd into smaller sections?

(repairs needed, fixer upper, etc)I then email that list to my VA.She goes though the list and calculates my offer by simply reducing the list price by 40%.She then emails the listing agent the offer using my "letter of intent" at a 40% discount.The agents email the counters back to us and then the fun starts.Now is the success rate high with this tactic...heck no.

Always remember that there isn't ANY insurance that covers intentional damage done by tenants.

I have intentionally set a limit for myself of two property purchases per year for five In year 1, I only bought 1 property, so in theory I’m behind, I didn’t meet my goal and some may even say I failed. 

Could someone describe the flow of events in a wholesale offer and purchase agreement with intentions of assigning the contract. ( do you assign the offer to purchase or purchase & sale agreement?

I am writing up my letter of intent and I want to put 2 choices of payment.

If you have no intention or need to sell the properties anytime soon and they are making a positive cash flow and enough to cover a reduced rent amount if the recession causes a soft rental market, and you have enough reserves to pay the mortgage if you hit a multi month vacancy then you are good. 

But the legal actions of the IRS make it clear that holding property with the primary intent of resale (fix n flip etc) is holding property as inventory and not as investment.  

You have a lease/option contract signed with the seller and your intentions are to sign another lease option with the buyer and then assign this contract back to the seller.