Right now, it is incredibly tough to make even a few hundred a month with traditional strategies.

With the high interest rates it hard to get much to cash flow with the traditional 30% down. 

The property taxes will be on his Schedule A during the time the property was his primary residence, assuming he itemizes.

Of course you can get discounts for having certain items FULLY updated, like plumbing.  

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

I'll Google those items and see what I find.

Some townships will require certain items, like an escape window if below grade or a walkout to be installed.

On the other hand, if you're aiming for long-term rental properties, getting prequalified with a lender specializing in traditional loans or DSCR (Debt Service Coverage Ratio) loans is key.

We understand that not every negative item we dispute will come off.We persist until we succeed because you must have a high-level of doggedness as a real estate entrepreneur.We understand there will be sunk costs and time being wasted.

I think you will definitely want to talk to your lawyer because there may be items linked to this transaction you are not considering.