Some improvements can be less obvious like mechanicals, electrical and plumbing.

I would have never thought about getting into buying a car wash, but what attracts me to this situation is that he really knows the ins and outs of mechanically making sure these things run well, and he also can walk in and tell immediately whether the equipment is in good shape/ has been maintainted.

The only reasons I can think of why someone would do this is A: They realized they are way over budget and are heading for a loss, they want to recoup their investment and move on, leaving someone else to deal with it. or B: they are catering to designer investors who just want to put their finishing touches and design on the property without having to the nasty demo work and such. 

They are hugely different in many, many ways.Learn the big three:1 - Market Analysis2 - How Money Works3 - Learn what is, and how to design and stay with, your REI plan.I hate to tell you this, but most of the statements you've made are backwards. 

A typical home warranty covers major mechanicals like HVAC, hot water tank and all minor repairs including plumbing (but excluding your main plumbing line).

Lots of experience and analysis has to go into that decision and even then the highest and best use does not often match up with the current or future designated land use plan for the city or the county. if that's the case you then have to look at what WOULD the city or county approve for zoning and the site plan and figure out highest and best use with return for those parameters.    

The online courses are less designed to help you know all things real estate and more designed to make sure you know the laws around what you can and can't do as an agent. 

@Derek Lenz sorry to burst your bubble but there really aren't any, an individual can take advantages of the same mechanisms that an S Corp or an LLC can.

Different designations mean different things around the country. 

It also helps that I have friends that hold the CFP designation that I can bounce ideas off of.Right now the OOS markets that we are looking at specifically is Indy.