This is fresh info that I just got this morning from one of the city's reps in their STR department:Any rental charging over $5/day for a term of less than 30 days is required to have a short-term rental license in Austin.

I would cut your loses and forget about the mentor.Once you start fresh, forget about the multi-family units for now.

As long as you get a healthy option fee (that could later be credited to down payment) should mitigate a lot of the risk with "tenants" trashing your fresh rehab.

The property may take a bit longer to rent out this time, since its not as fresh as it was.

However,it's interesting to note the trial for it is only $1.00 for 15 days but no where is it revealed the total costs AFTER the trial period.

I would say just make the property look fresh and clean, then rent it out. 

Typically if you are buying a Short Sale or REO, the Seller will not accept a contract that involves an assignment.2) You don't want to  reveal to the C Buyer the amount of profit you are making.

The process really will stretch you and reveal weaknesses in yourself and your partners.

Tax benefits - talking to your CPA will reveal that not only can you use expenses, depreciation and interest payments to reduce your taxable income from real estate but you can also you the same to shelter income from your W2.

Some are fresh out of college with no experience in purchasing a home.