Were we incorrect in assuming that this is what they meant by collection accounts? 

Most private lenders are not going to have a loan term over 12 months, it is meant to be short term debt, similar to hard money loans. 

Recessions have historically meant that more expensive vacations become less expensive vacations which can benefit some providers and cost other providers.

I don't believe that comment was meant for this thread? 

@Bob Reinhard Thank you for the clarification, I now managed to grasp what you meant.

Hi all - So this is a post that is essentially meant to generate thoughtful discussion about how I should start investing in real estate with the wealth I’ve been fortunate to generate. 

The OP has since clarified what he meant to a degree.And your post actually buttresses my observation that he's a unicorn hunter.

Yea that's what I meant, sorry for being imprecise. 

I meant if married.When the property has always been your primary residence the only proration if you've lived in it for less than 2 out of 5 is in a very few exceptions. 

What we said is what we meant.