Problem is, obviously, that you're limited in advertising and marketing the place effectively til the repairs and make-ready are complete, because until then you can't take good pictures or show the place to prospective tenants. 

It should be the result of a deep conversation with a tax professional to understand the pros, cons, and risks.If you have a mortgage on the property, I agree that it opens a lot of tricky side effects that you need to mitigate.

They have every tool known to man to handle that specific job.

A great place to start is https://www.biggerpockets.com/meet where you can find people in your area to connect with.You'll find some helpful tips at https://www.biggerpockets.com/starthere.For tips on how to get the most out of BiggerPockets, check out: https://www.biggerpockets.com/rei/biggerpockets-com-tutorial/The BiggerPockets Keyword Alert System is an awesome tool: https://www.biggerpockets.com/renewsblog/2012/12/19/keyword-alert-system/See you on future threads!

The VA loan is an awesome tool for military personnel to use, and works very well in an appreciating market to allow you to gain equity.

I am always looking for the crystal ball play for my investors as the market is starting to shift and the need to buy and hold will become a more and more effective strategy and prefer to make my statements data driven not intuition. 

It is up to the user to know and understand the limitations of each so they can apply them effectively. 

But the one many don't consider is theft, whether it's from contractors stealing materials, or someone breaking in and stealing tools, materials, or just simply vandalizing the place, causing delays. 

PM me if you want a detailed tool to calculate rental potential.If looking for a mentor - check out this other post.

Also, Their could be a lot of liens or back taxes on the property Which could really effect your budget.