Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Also, the idea separating them is so you don't accidentally spend them and then no way to pay it back when the time comes.Some states if you don't refund the security deposit within X amount of days, the penality is that you will have to pay back the security deposit x2. 

I think your plan has merit. 

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

If possible, you may want to learn in a place where you don't need to spend $750k on a fixer. 

They do not offer every bank or lender out there or the lenders would never get a lead.When I say FDIC what I mean is "Fully Delegated" and not just Full Eagle where FDIC Mortgage banks have better rates (which they do) because  retail it's or wholesale and not selling the loan to meet a branch bucket or Loan officer compensation plan.

With out that, there is no proof that it will perform.Do you have a full estimate and plan for 3 years on the property?

Are you planning to rent the entire unit at the 2nd year mark? 

At 19, you’ve already mastered what most people spend years figuring out—turning determination into action and action into results.