(Also assuming we wouldn't do an LLC to purchase since it wouldn't fully be a business.

Sacramento metro offers a really nice balance between cashflow opportunity and consistent appreciation (due to the fact that it is a State Capitol, two major universities, and one of the fastest growing cities in the country every year for a decade+)I personally only invest my capital here in Sacramento, although I do business in a number of cities.

In San Diego I believe rents can only be raised by 10% per year (or 5% + local rate of inflation, whichever is lower)The idea of evicting a long-time tenant is awful, but I realize being a landlord involves difficult decisions and the real estate business is a business.Thank you for your thoughts!

The business is about leveraging so I recommend With a $100K in cash and $100K Heloc get approved for a loan that includes renovation $. 

@Danny Keating 1) Only if your friend brings value to the business relationship.

In my opinion, your offer price & value add should be based on the ROI target or hurdle rate you've established for your business. 

I am new to wholesaling and plan to make this a bigger part of my business.

The City of Branson does require a business license to operate an STR if you self manage.

Unfortunately you will need to bring on a business partner for this deal.

I read a lot of books on real estate and business but the magic happened once I stopped reading and started taking action.