and you can 1031 the excess and the depreciation recapture in the 1031.I've had clients do this and the 1031 portion of their purchase buys something that they use for investment for a few years and then move into it thus converting investment to primary so they can once again take advantage of the 121 exclusion. 

(No kids, excessive debt, responsibilities that come with age, etc.)By the time you reach 21 onward your experience level will be that of a budding pro when others may not even have begun which would be incredible for you and would carry a lot of momentum.My biggest advice in the wholesaling world would be find someone who is doing it and doing it well, ask them to bring you on for free or very minimal pay and absorb all of the knowledge in return for time and effort.

Maximum penalty for all these failures to disclose would be in excess of $250k.Keeping you in compliance IS saving you money, even if it costs money in the now to do so.

Could excessive weight be 1 issue? 

In short, if you're not renting every week of July-August and every weekend of the winter, you're taking losses, particularly given the ridiculous prices I'm seeing new investors pay farther north in vacation areas like North Conway or the White Mountains.And looking solely at North Conway's recent court case is a red herring: plenty of small towns around the NH continue to enact knee-jerk reactions and excessive permitting/regulations as a reaction to STRs assumed role raising housing prices and shrinking supply for local residents.

You stated you don't have 80 hours a week to focus on this endeavor (which is totally fine, I prefer to work less than 5 hours a week, so 80 seems excessive), how much time do you have weekly for this endeavor?

For investors, it would seem that any amounts received in excess of the cost basis would be treated as capital gain (long-term or short-term depending on holding period).  

Umbrella policies are excess coverage which means they don't kick in until your primary (property) insurance is exhausted.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

It reaffirms that by taking action, continuously learning, and being willing to adapt, investors can achieve their goals without the excessive financial burden of costly courses.Thank you for sharing your wisdom and encouraging fellow investors to take the leap and begin their own real estate journeys.