I understand the concept of wholesaling but I want to learn more than just the basics.

Same concept of buying a single family home that can house 1 family compared to a quadplex that can house 4 families.

@Mario AmThe Appellate Court of Tennessee disagrees with you in their interpretation of the Tennessee Real Estate Broker License Act...at least if you hang your hat on the concept of equitable interest. 

The owner owes about 167K on the mortgage and wants to get rid of the property because the contractors she had, gutted the living, bedroom, and dinning area to give it an open concept without her approval while she was away. 

@Ashish Acharya, what IRS publication or form instruction outlines this concept? 

As for the concept of purchasing STRs in areas that you like to vacation in, I think personally, is an excellent idea.

It covers the concept of the core team that Jordan Fiore mentioned above.

there are no wrong answers as I'm trying to get a grasp on the concept before going to speak with an attorney and accountant about it so I can speed up the conversation.

For the average real estate investor, I believe the same concept applies. 

Look at getting a LOC to cover capital expenditures and / or include known needed upgrades in your mortgage ask" I love the concept of good debt and want to take advantage of all my opportunities.