I keep on hearing the term "be a principle in the transaction", or else its not legal.What is the name of the document (or clause in the contract, Im not too sure), that ensures I am indeed a "principle in the transaction"Thank you for your time

@Justin Young if the turnkey provider left enough meat on the bone for you to work with the equity to maximize your ROI, then the same principles apply..

For example if a Final judgement amount is 100K (total dues owed to principle, attoryney, fees etc.) and I won at auction for 50K. 

In the required documents, it shows "official transcript or course completion certificates for Real Estate Principles, Real Estate Practice, and/or one other required course"  This is kind of interesting... can I just read these two books myself to go to the exam test directly?  

Which is principle, interest and escrow. 

And your area won't support that.Check out the Principles of Real Estate, highest and best use and what is more valuable. :)

The same principle applies to leverage.

If you are not licensed in a state, you will have to be a principle in the transaction.

I want to use the money from wholesale and flips to pay off principle.

There's 3 ways to make money with buy and holds1. cash flow2. appreciation (whether forced or passive)3. principle paydownFrom a cashflow perspective,  there's no doubt you can take that $200k and put it in other cheaper markets and get much higher returns.