It works the majority of the time.  

You are not doing a big Rehab where you replace major components.  

Keep lent increases modest and wait for a turnover for any major rent increases.

Make sure you know what you are buying and more importantly that the wholesaler knows what they are selling, be on the lookout for major defects in a property.

Minor Updates, now major construction.

If the Govt shutdown goes on for an extended period of time & the piggy bank needs to be replenished then yes this will create a major issue for Landlords.

I am 24 years old and will finally be graduating with a double major in Finance and Entrepreneurship in May 2019.

Double closings without disclosing what you are doing is not legal in CA,(maybe I'm wrong) a majority of wholesalers out here will assign contracts using their LLC and/ or assignee, for that you can use any title company you want. 

These can bounce causing you a major issue.Have a zero tolerance policy on rent collections.

It seems like IF the majority of my income came from flips, I would easily be a "dealer," but if I only have done 1 flip, could that flip income be counted as an investor since flipping isn't the bulk of the business I do, or income I earn?