Stay under # of offerees and partners and make all partners limited-except you.

No exceptions to this.In my state of SC, the landlord can be fined heavily for doing so.

In our area we do not submit earnest money when we write offers (except for one realtors listings) so I don't have to worry about getting the earnest money back.

You control a pretty decently sized asset and they tend to rent exceptionally well.

Anyone letting you into a deal also must trust you.I've done many no money deals, one was a purchase over 850k and the seller paid me and kicked in additional cash for a development, never would have happened by anyone with less than exceptional skills, knowledge and with a personal reputation.

Now that I have a steady wholesaling game going, I have no need to rehab except on occasion I get the itch to get busy on a rehab.Wholesaling doesn't have to be a jump off point for other things and something to quit once you have a chunk of money in the bank.

There are some exceptions to this rule, such as when the landlord pays the heat or lives there, or if the tenant is subletting.

Just be aware of the higher taxes on trusts (35% tax b4 $10,000 b4 distribution to beneficiaries), & with the exception of The Mass. business trust, trusts per se are not designed to be in a business or a trade, such as flipping properties or finding yourself inadvertently achieving 'dealer status'.

A lot of my friends have become exceptionally wealthy holding houses.

For a single person you may exclude 250,000 of gain; however, for a married couple you may exclude 500,000 of gain.The one exception is that you will be subject to depreciation recapture on the depreciation that was taken or was allowed.Andy Chu, The first part of your post is correct in regards to the 2 of 5 years rule.