@Caleb Brown -Thank you--the place was purchased early last year by current owner and completely renovated. 

Most commercial lenders do not require any seasoning for that entity which means that you can create an LLC and use that entity to purchase the property immediately as long as you have the proper documents.

So you wouldn’t get any depreciation on your new purchase assuming you only spent the $450k.

If you do decide to start flipping homes- as a new investor you can either self finance with all cash, or you can contact a commercial lender like myself and expect terms to be 75-80% of the purchase price with 100% of the rehab financed through a draw.

Did you purchase this property all cash? 

Quote from @Nick Cooper: I’m looking to purchase my second long term rental and I’m wanting to know if 20% down would be possible with an investment property as I’ve been told 25% is minimum. 

If your mother does not want to carry the note long term, there are GSE renovation loans that can be used for both purchase, rehab, and permanent financing all in one loan.

@Grace Solano , congratulations on your purchase in Queen Creek, AZ.

I have purchased many properties without a tenant in place.

I have made a lot of money doing BRRRR and the majority of my purchases have achieved the infinite return.