For tax purposes, rental income is generally recognized in the year you receive it, not when it is paid.

Other advice, especially that pertaining to tax benefits, is also highly appreciated!

Sellers may struggle to mentally shift from "owner" to "tenant," which can create challenges with boundaries and property care.Security Deposit:If you’re doing a temporary leaseback, be sure to collect a substantial security deposit to cover potential damages and ensure they vacate on time.

I am using the tax benefit along with the principal pay down and appreciation to offset.

Quote from @Matt Meier: Good morning,I’ve come across a renovation property available at a significant discount and would like to secure it without going the traditional 6-month financing route.

Either way, with rent and price appreciation, tax benefits, holding long term is a net worth exploder.

Do you get to write off all renovations on your taxes?

By and large, QI's have very high ethical standards, and are sometimes overlooked as the engines of this tax saving tactic.]REPUTATION MARKERS 📊INDUSTRY STANDINGMembership in professional organizationsLeadership roles in FEAEducational contributions to the industryRelationships with major title companiesCLIENT RELATIONSHIPS 👥Testimonials from CPAs and attorneysReferences from title companiesLong-term client relationshipsTransparent fee structuresRELATIONSHIP RED FLAGS 🚩Overly familiar with your realtor/brokerKickback arrangements (illegal!)

Non pay of prop tax's non pay of insurance  Waste, etc. 

For example, this investor that I met recently said not to buy properties at tax auction for 100+ different reasons.