Say you bought it for $200,000 and sold it for $250,000 and they put $50,000 down.Your basis is now $150,000 and the principal payments that come in from the borrower will continue to lower your basis and the interest payment is taxed at ordinary income rates.

They do require that a permit be acquired (super easy) and hotel tax get paid (a little more complex but there are ways to make it easy), but otherwise there are no regulations to speak of.  

Not only that but I also would like to connect with everyone, investors, private lenders, loan officers, tax consultants, attorneys, contractors, property managers ETC.

Even with $0 down I may be able to cover the mortgage with BAH from the military but then I'm concerned about all the other costs (CAPEX, PM costs, regular maintenance, taxes, etc.).

Tenant could not pay taxes and had to give him a break on rent. 

Landlord friendly, low taxes, job growth, and close to all the recreation of lake Tahoe. 

Borrow against them tax free if you need the cash.

Even when living out of the country, I had all of my contractors lined up and everything went according to schedule.

I'd add to that--depending on what you do with the profit and how you handle any taxes.  

These lines of credit generally have 1-2 year renewal periods and require you to send the bank your tax returns and possibly personal financial statement on an annual basis.In my experience "HELOCs" are associated with your primary residence.