Quote from @Evan Malburg: Hey BP Community, I'm new to investing, but not new to real estate.

We went down to thw studs on most rooms. 

You really need to talk to a tax advisor in this situation.

Definitions:Full GutFull demo and clear out down to the studsReframe PropertyCompletely New Mechanics (HVAC, Electric, Plumbing)New WindowsFull drywall and paintNew KitchenRedo Existing bathroom and likely add a full bath in basement and/or ½ bath on 1st floor (comp dependent)Finish basementReplace flat roofNew Flooring down to subfloorsBreak, Flatten, Pour new Basement concreteThis assumes no underpinning or structure is needed.

I would suggest partnering up with a knowledgeable real estate agent to get access to the data.

To add to what Nicholas wrote, wholesaling is hyper-competitive. 

Welcome to the forums.

Build - Rent - Refinance - Repeat the new BRRR with also hotel development and growing our land entitlement side. hotel development is simple, easy, and has institutional level backing. we really like extended stay development and just came from a hotel conference in Los Angeles. hope to close a few deals this year over 10 million 

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

I was using Cozy and it was super simple and easy to navigate.