One of my clients was a W2 employee before starting nursing school and she bought a home prior to quitting her W2 job so she still qualified.

@Dane Reynolds Popping in here because I don't see this mentioned but my understanding is if you lived in the property any 2 of the last 5 years prior to selling that you get to avoid capital gains tax.

I'm not sure where to start, but I'm hoping that I might be able to shadow an investor to teach me the in's and out's of the whole buying and renting process, so I can get a feel for what to expect and develop some prior experience.

You can sell the coop and purchase any type of real estate you want.The rule for the primary residence exemption os that you have lived in it for 2 out of the 5 years prior to selling. 

Given the block this was on which was primarily mix of decent homes and obvious rentals, and this home needed a few thousand in repairs prior to rent, I did not want to pay more than my max 76k offer.

@Spencer CuelloSpark Investment Group generally does 506b deals open to sophisticated and accredited investors. 506b rules require syndication sponsors have a relationship with the investors prior to entering into any investments.

The prior owner, a mentally-challenged man, had died in 2018 while in long term care. 

Catch all the red flags prior to submission cause once you submit a file that has uncaught red flags, that's when your process slows and lender's get nit-picky.From a lender, I want you to work fast, if I am hustling on my end to make it easy for their processor and underwriter then I expect fast work with an open line of communication and I want my rep at the lender to be able to fight for me or my clients should an obstacle arise - which they usually do.

Hi,My wife and I moved into our current place about a year ago, and converted our prior primary residence into a long-term rental.

You can usually just quit claim the property to an LLC - but you will want to consult your mortgage company and/or an attorney about this prior to doing it.