I decided to leave it in a high yield savings account due to the reasons you all mentioned.

Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? 

That said, targeting homes needing work or properties sitting unsold due to poor pricing can still yield opportunities—that's what I do successfully.

Luckily both sites collect the taxes for our place.Our little town did implement a 1% tax that I have to pay separately.

once the loan comes due for a bridge loan what are your options?

Compare this to your total monthly costs, including mortgage, insurance, taxes, vacancy and maintenance.

Even the most meticulously crafted plans can frequently go off track due to unmet responsibilities or unforeseen events.This is the essential characteristic of the real estate industry.

Never heard of him.Make sure you perform proper due diligence.

Does it need to be completed before end of the year to use it when I do taxes in April 2025? 

You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.