Bottom line, don't buy with short term rental intent without doing your research. 

Every real estate property that is purchased with the intent as an investment(treated as a rental) will have some amount of depreciation.The amount of depreciation depends on the property purchased.Whether you can offset rental losses against your other income will depend on your tax profile.Best of luck!

The Legal issue with wholesaling revolves around 3 things: Intent to buyAbility to buy Negotiating on someone else's  behalfYour intent should always be to actually close and then resell but there are situations where an assignment is the most logical decision for the buyer; for example, let's say you tie up a property but another more promising investment comes along and you have a limited amount of capital, in that case an assignment would make sense...I've seen these things play out in court so I'm speaking from the perspective of someone who has actually seen a "Wholesale case" litigated. 

I'm an accidental landlord, this house wasn't purchased with the intention of being s rental.

Failed attempt #1 was pursued with a letter of intent which I sent to the address on file at the assessor's office.

I have every intent of honoring this lease, but need to set up the new payment arrangement. 

I live about 10 minutes from there and have been taking a very intentional look at whether Sandbridge could be a good opportunity. 

I have very recently relocated my family and I to Nashville, Tennessee with the intention of becoming a reputable wholesaler in the area.

I purchased a 4-plex back in June with an FHA loan and the intent of occupying a unit. upon taking ownership, the unit I was planning to occupy needed extensive cleanup, and I have not been painting and preparing to put in new flooring.

We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.