The issue is that flip transactions are considered a trade or business activity, and if a tax exempt entity like an IRA engages in a business on a regular or repeated basis, then there is a tax known as UBIT that applies to the gains from such business income.

I live in upstate NY in Saratoga Springs and I don't know if I can bring myself to purchase a home in NY with the property taxes as high as they are–even with an abatement or an exemption!

@Danielle Russo, another factor to consider is the primary home exemption from selling your primary residence. 

Buying a rental property during medical school?

For instance disabled, or over 65 or homestead exemptions can significantly lower the property taxes until you buy the house as an investor and everything is reassessed.

We have 750+ credit scores, decent liquidity for a down payment (we can put 25-30% down), we have modest but stable income, but we have tremendous student loan debt from law school and medical school.

If you are servicing your own loans, you do not fall under that category and are exempt.

If it is an owner occupied building with four units or less you are exempt from the Fair Housing Act.

If you have a personal guarantee and the borrower has assets that are not exempt, then there is a market for the note; albeit at a large discount.  

They don't allow for mortgage payments, but you can have a rev mort because no payments are required.Medicaid will exempt a home (trust or not) if the client lives in it, or if the community spouse lives in it... but you also have to be able to afford to keep it.Cart before horse here with info and not enough details, let's PM.