I've been studying different real estate strategies and would love to understand more about how the permitting process is evolving in that area.Did the realtor mention any specific changes in local ordinances, or was it more of a general observation based on market trends?

I've been investing in real estate in my area for 8 years, 9 later this season.

In terms of finding a partner, I would recommend partnering with someone who has something that you don't have (understands renovations, real estate experience, has money, etc.)

Maybe they bring the experience and provide the funds.I don't like any of your options based on I think you are too new to investing in real estate to take on any of those.

In real estate investing, financing is as important as finding the right property.

But at a $1.5M asking price, as long as you don't have to spend more than $300k in rehab (without raising rents), this is a slam dunk deal that should easily be financed  at 75% LTV by a "investment real estate-friendly" bank/credit union that is located fairly close to the properties.

I learned about them from a Rent to Retirement podcast where they interviewed a former W2 FT sales guy in tech (that's me today...) turn real estate investor.

If you don't fall within that category a knowledgeable local real estate agent can be an excellent resource.

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

May negative cashflow until fixed.3) Buy established business: assuming you mean something other than real estate related.