Heck even old American money in the south (think Charleston) has that same concept. 

There is also the underlying concept that the listing broker/agent works for the seller and is contractually and ethically bound to act in their best interest and get them the highest possible price for their property.

If I gut it, I can turn the place into: ~1100sqft 1 bed 1 bath with 15 foot vaulted ceilings in the open concept kitchen/living area, ~1300 sqft 2 bed 1 bath, ~1400sqft 3 bed 1 bath with huge open kitchen/living area, 11ft ceilings.

I can send you my notes on the whole asset protection subject research I done - it will give some insight in the many concepts involved and the pros/cons.

For investors starting out, a lot of folks like the concept of house-hacking.

I am further confused by the concept of Bonus Depreciation and Section 179 expensing, and how that impact things. 

Unless you assume the actual loan but that’s a different concept.

(house hacking, 1% rule, driving for dollars, cash for keys, 50% rule, 10X, leverage, no money down)There is no doubt that some core concepts have so much value, that they are worth repeating.

I find it helpful to at least attempt to have a fundamental grasp of basic concepts before I meet with someone, as it can make communication far easier. 

  :)   Especially in the first year.Both concepts that you mentioned in your post are partially incorrect.