1) Say it is day 50 and we failed to buy the homes.

Education and research hours, "managing the property manager" all have failed under audit historically.There is a lot more nuance here I could go into, but I would strongly advice you talk with a real estate-focused tax professional.

@Joe Arida not sure exactly why it failed so quickly.

To get an NMLS license, you need to take relevant courses and there is a difficult test to get a NMLS license that more than half of the people fail that take it on their first try.A lender doesn't need a license to do DSCR loans in many states but if they have a NMLS license in any state then they have a license they are going to try to keep and be better educated in lending overall. 

Find something that failed on market and send the seller a letter asking to buy.

Fail to do that and this Inspector will sure enough take advantage of the opportunity to conduct his defiling destructive devilment. 

The agent told me that he has such deals more or less monthly, but failed to deliver any others in a year.

If you fail to follow the rules, you may open your personal assets to a lawsuit.

Apply, move forward, fail, review, adjust, retry, succeed, create new goals & repeat.

Read books, watch YouTube videos, go to the Home Depot 'How-To' classes, even get a part time job working for a GC.If you're going to be in the flip side of RE, you need to have the knowledge....that's where most people fail.