If your financial situation means you can buy a single property per year, or even a property every few years that is entirely okay.

In this situation, it seems more like you're doing a live-in flip rather than a BRRRR strategy.

I understand there is an AGI limit that applies, restricting my ability to write off certain expenses if my AGI exceeds a certain amount.Regardless of what can/can't be written off for my particular situation, I assume the majority of the tax savings I am able to write off would come back to me directly in my tax rebate, correct?

Hey John, Sounds like you need to talk with this person and question them on the benefits of real estate and what you can write off for your situation.

My contact has been non-communicative and I'm wondering if he's experiencing cash flow issues and just trying to bide his time, or if there's a deeper issue and he's on the verge of bankruptcy.Any advice you can provide for this situation would be GREATLY appreciated.

They might be a good fit for your situation since DTI isn’t applicable—underwriting is based primarily on the property’s income, not your personal finances.

However, in a 1031 exchange, you can still defer that, but it gets tricky—just like Michael mentioned, it’s a complex situation, especially with cost segregation in the mix.

I've been in contact with them and some of the replies have been "unfortunately it can be slow depending on the area and the time of year" and "the timeline for how long a property remains on the market can vary, as it depends on the specific situation", in other words some pretty vague answers.

Try to get a feel for the stability of the tenant's current situation and recent past.You will probably find a lower standard of care than you might apply to the property.  

There' certainly no right and perfect answer as everyone's situation is different.