For example “on or before that date which is 30 days after obtaining approval from probate court” or whatever the relevant trigger is. 

I finally pulled the trigger and closed on my first single family rental home this past March and had it rented the next week.

Does the underlying mortgage debt, which I will be paying in an ongoing manner, qualify as a non-recourse loan and thus trigger UBIT?

I know nothing about wholesaling, but it sounds like to me you need to just pull a small trigger.

When first starting out we almost pulled the trigger with out of state investing, looking back and running the numbers of what it could have been compared to what it is today no way we would be anywhere near what we have right now had we decided to invest out of state. 

I was too busy concentrating on things like the % of renovation / walls opened when really the real trigger is simply the change of use from R-3 to R-2, which would happen regardless of any other changes.

Still, if the cash flow is very little, or even a bit negative, but you can hold on to the property for 4 or 5 years, you will gain an average 20% net worth on said property that belongs to you and only you.There is a saying I love in the stock market, but I feel it also applies to the real estate market:"Time in the market always beats timing the market"This is to say that if you hesitate and don't pull the trigger for fear of having "missed the boat" you could be missing the boat that is passing in front of you.So, to summarize, I would look at other markets, but I implore you to look for a good realtor who can provide more than just the properties.

Pull the trigger and don't be afraid to let go of a property if it doesn't make sense.

I say pull the trigger and include a Home Owners Warranty to cover all the mechanicals and appliances.  

from what i see you have to spend a certain amount of time per year in the bizz and i mean really in the bizz.. this is probably an audit trigger as well.. so if you get audited you need very detailed supporting documentation.the Advantages of course are for the many write offs that being in the business affords us.acquiring a RE license and actively work in the industry usually is the easiest and safest way to claim these write offs.