They look at the property's ability to earn income, not just you.

Thanks again for your info.Disclaimer:  I'm not a CPA or Attorney, so you should get your specific advice on these topics from a professional : )You get 14 days to use the property for personal use before the IRS removes the ability to write off expenses. 

I feel very confident in you and your abilities when it comes to multifamily investing and would welcome the opportunity to invest with you again on more projects going forward.

I'm sure most taxpayers can find a way to justify this and it's probably near impossible for the IRS to determine if every single taxpayer who takes a retirement distribution was adversely affected by COVID19..... nonetheless, something to keep in mind in case your distribution is reviewed.

I realize the holding costs will be greater with a longer rehab period, but I assume it will be hard to rent up units while conducting major rehab work, while also reducing the efficiency of contractors ability to complete jobs in fell swoops...Thank you all in advance!

Its my job to get out to the property and do facetime or MarcoPolo videos for them to determine if it will stay within their budget. 

In addition to determining the value of the property, the appraiser also makes sure that the property is livable.

Have you researched comps in that area or spoke to any local property managers to determine accurate rental rates?

I'm intrigued by short-term vacation rentals and have been struggling when analyzing deals to know how to determine the net profits for properties along the panhandle of Florida. 

I don't have a total of 25% saved yet for a down payment, however I have the experience (being a property manager) and the ability to qualify for the loan, in addition to covering the other costs and fees associated with the loan.