Not a CPA or lawyer but this is how I've done it so far:1.

Can someone tell me if this is correct. 

Don't believe the hype and misinformation out there.This is the fourth deal we've closed this year.1.

Is this the correct first step?

I believe QB Online does this too but most clients still use MileIQ.

A friend of mine asked me to post this here in case anyone in the Dallas area has some input.  

I'm afraid this wrong vehicle will not get you to your goals either since you are not planning on running active business with it. 

The warranties always take a lot of time, and you will either end up filing a warranty to find that it is going to take too long and then purchasing something else the same day, or you will end up giving refunds back to guests while you wait on the warranty to be handled.I learned this the hard way when I first got in to rentals.

Im thinking of this too, what's wrong with just buying commercial land.

Typically though as part of this cancellation they give you a time period to fix the issue.