You could still DEFER the other 75% of gains and your depreciation recapture by using a 1031 exchange.

Interesting question and one in which a lot of people don't take into question when they consider self manager vs using a property manager.  

@Scott Anderson-  If you are able to obtain a large  credit from seller - I would  recommend  using this to " buy down the  rate" ...if you have no credit to  work with - I would recommend  using a  0 fee / low loan fee  option  to close the loan  ( with the  premise that  refinancing will be an option in the next few yrs ) 

Virginia changed the code to include in the definition of brokering real estate to include using a contract assignment.

Your only chance would be using a DSCR on an investment property, but not on a owner-occupied loan.

Hello BP,Myself and two others are investing in a new construction in Joshua Tree, CA that we will be using as a STR.

Many contractors will not enter an occupied house using a contractor box unless they already have a relationship with you.

I've also used GC's to complete full rehab jobs & depending on how much work a house needs and how comfortable I am with the rehab, often times I will sub out the work to different painters, handymen, electricians, plumbers, etc instead of using a GC.The more I do this the more comfortable I am managing the jobs myself and it often times saves me significant amounts of money on the rehab costs to just sub out the work vs using a GC for the full rehab.

You'll want to be able to obtain balances, confirm payments were received, obtain payoff statements, etc.Ask your friend to share the username and password for the servicer's websiteI recommend using a loan servicer to collect your payments and disperse payments each month to the underlying mortgage servicer.

I would suggest that you rent the property and consider using a property manager who can finance the improvements for you up front and be repaid out of the rent so you can have passive rental income over the long run.