However, once you start renting it out, those renovation expenses could be added to your cost basis, potentially lowering capital gains taxes when you sell.

Mine is to network and also to gain knowledge.

Also pay attention to who the people are that seem to be acquiring lots of deals. 

Your old carpet did not become more valuable over the seven years you owned the property, even if you are selling for a gain.

Is there anything on the disclosure that I should pay close attention?

I price my midterm rentals in Denver and Colorado Springs through a blend of rentometer.com, checking out the competition and paying attention to the season.

-What's gotten your attention in the past? 

@Chris Seveney the reason I don't pay too much attention to junior liens when buying a first is that the borrower could always add a junior lien after I buy the 1st.

If you live in the property for at least two years, you can sell it without paying ANY capital gains tax (unlike traditional flipping).We've done this a few times, but almost every time, we end up keeping the home as a rental.

Fortunately, you will be able to to a 1033 exchange into new property and avoid any tax on the gain.