first thing one should do is figure out if they quality the 2  in  5 tax treatment and if the home has appreciated a ton like 250 to 500k which is very common in coastal markets and Denver for instance.. selling would be far smarter than renting. pocket the tax free and find another rental. turning it into a rental you lose that one time tax treatment which in my mind is the very best for real estate. 

The main question that comes to my mind is if I will need a phase I/II study done on it to cover myself (depending on specific use).

The paragraph in my lease which voided it, which I truly believe to be absurd in my mind, is the following:The following is an email from the attorney after I questioned his logic. 

Anything over that in my mind is just outright generous and an offering before God.

List subscriptionIf you search the BP site, you will find alot of information on each subject.What you CAN NOT do is tell someone, "Hey I'll give you $1,000 if I end up buying the house"Feel free to msg me anytime.Keep in mind I am not an attorney, and this is not legal advice.

@Noah Bacon and @Mindy Jensen - can we figure out what this guy was doing on BiggerPockets and see if any patterns emerged that will allow us to flag if a future bad actor is attempting to do this kind of crap on our platform? 

In Austin, I know Horizon Bank has been open to more creative financing strategies too, so it’s worth checking with them.One thing to keep in mind is that the terms can vary wildly depending on the institution, so I always recommend reaching out to a financial advisor who’s well-versed in life insurance-backed loans before pulling the trigger.

Unfortunately, you miss out on a lot of the cool tax benefits you’d get with long-term real estate investing—like long-term capital gains rates, bonus depreciation, 1031 exchanges, depreciation, etc.Another thing to keep in mind is that when you buy a property to flip, you can’t just deduct the purchase price right away.

The hardest part in my mind is getting financing if you are not intending to pay all cash.

We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.Something else to keep in mind is your entity structure and how your entities file tax returns.