Then use the experience to work out the kinks and build a strong boots on the ground team.

It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

Two years is a long time for rehab, did I read correctly?  

.: I recommend you invest between your two ears as much as possible, whereas 20 K is not going to get you very far in and of itself.I have a masters (student loans paid off) and read 8-10,000 pages a year.

I own all 3 of these asset classes so I speak from experience.  

I have 10 years of construction experience and my partner does as well.

Did you read lone #1 of my reply?

All it will accomplish is create a $800/yr tax bill from your lovely state.As to your question, read this thread:https://www.biggerpockets.com/forums/51/topics/1225072-do-i-... 

Hopefully someone will read this and they won’t be in the same place as me. 

@Troy F. speaking from experience as a licensed real estate broker in Iowa and in the Cedar Rapids MLS, the Cedar Rapids purchase agreement specifically calls out a clause if the property is a rental property (Y or N).