The process will be slow, but with patience and smart planning, you can move forward step by step.🔹 Property Tax Relief – If your property is severely damaged, you may qualify for reassessment and potential tax refunds.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Not to mention the tax benefits it allows. 

I do like the tax benefits and leverage.

So if you have the property for a total of 10 years, moved in at year 8, little value or tax advantage.

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

That rehab number doesn't include financing costs and the state of illinois has crazy high taxes. 

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

You don't need to pay anyone to learn.