Did you qualify for an FHA loan or did you need a 203k?

You just have to be able to (obviously) qualify for both properties and you want to do both with the same lender closing on the same day. 

Whenever you are doing a wholesale deal without a legal board of realtors contract, I would be weary.

I would get a professional opinion from a qualified contractor , you may have storm damage already that could possibly be covered by your insurance 

International tax law is complex and requires years of experience to fully understand, so be sure to consult with a qualified professional in this area to ensure everything is handled correctly and any potential tax liabilities are addressed.Hope this helps, and best of luck with the transfer! 

If it takes you $8-10k to renovate a unit, not including cost and time to find a new qualified tenant etc. a $50 -$100 a month difference in rent for a known / stable tenant in my opinion outweighs the the full turn prospect.  

Read this:https://www.biggerpockets.com/forums/51/topics/1122635-the-s...Cost segregation for your LTRs/MTRs may only be beneficial if you have a spouse who can qualify for the Real Estate Professional status, and then for one year only.And you're right: business is more important than taxes.

Make sure your lender is on board with the purchase price and DTI ratio you are proposing.

Thanks Winslow for the informative post.I would think that one could find the house managers from the pool of recovering addicts, and could potentially pay a part profit from the rentals, so the manager is getting free room and board, and some income.

In my market, it requires a lot of inquiries to get a qualified tenant.