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. 

You must reside in the property that is being purchased. 

I want to have a few rental properties before buying my own home (personal residence).

The purchase of a primary residence is the easiest (less hurdles, best rates, lowest down payments) and makes the most sense in many cases. 

ExperienceVirtually none.At one point we lived in a single family residence then moved, in the process allowing  another family to live in our home under a rent to own deal.

Second you've probably changed your drivers licenses, voters registrations, homestead, buying patterns, and tax returns to all reflect your new primary residence and the fact that this is a rental.