You will need to live there for at least a year after making that purchase and there are rules about how you can move out.

So with another 100K in construction/fix up cost bringing the total to 500K it meets the 1% rule, obviously I would do more underwriting but I need to be solid on those comps. 

If you see someone violating the rules, create a post with "@moderators" and we will receive a notification and respond.Again, welcome to BiggerPockets and happy investing!

Look up your states rules for activities requiring a real estate license. 

Note local rules could be more extreme.  

I am within the rules of the Florida statute regarding security cameras and not recording conversations. 

I also just generally compared to the 1% rule. 

I applied this strategy a couple years ago so happy to provide guidance of who I worked with and what seems to work/not. 

So, the KISS (Keep It Simple Stupid) principle applies.

In some cases, exemptions or adjustments might apply for buyouts between co-owners, so it’s best to check directly with a local real estate attorney or tax advisor to confirm the exact tax amount and any applicable exemptions.