I've seen a lot of flippers appear not to know either and end up trying to sell half-a$$ed properties by cutting all sorts of corner and putting an inferior product on the market because they're trying to cut on costs and preserve what little profit they have left.As for rentals, they have been become harder to cash-flow, but you can still find some deals in the surrounding areas of Phoenix if you're willing to invest there.If you don't know about construction costs, I'd suggest you find out quickly and staying on budget for renovations is key.

A ton of money was poured into the neighborhood in 2005-2007 as investors bought up cheap multis with the idea of doing condo conversions or cheap shells with the idea of turning them into gorgeous 3500+ sq ft single family homes, complete with historical details preserved for under $300k. 

I will still be preserving this asset for future sale (not sure this is correct).

@Jason WhiteAs you are in your 70s and in good health, you will be looking for a safe way to preserve your wealth with safe assets with easy to manage tenants.

As an aside, most leases have a clause for the landlord/owner to enter a property with notice and if not possible, without notice if it's a matter of an emergency or a need to preserve the property from damage.

I understand your skepticism its a quality I call self preservation.

I also understand some very large companies now explicitly allow this.Half of me says to preserve capital and avoid taxes.

I am a former property preservation executive turned real estate flipper and investor.  

So I am starting off significantly in the hole.I was told their's wasn't for people who wanted to get rich quick: I'm not trying to get rich quick; I just don't want to get poor fast, and purchasing a property that is over-valued violates my #1 rule of capital preservation.

We'd like to expand into the multifamily and commercial markets.I am passionate about historic preservation and am currently working on tax credit eligible renovation projects.