The early portion of my career was buying turnkey rentals, like the one you described. 

There are all kinds of plans and ways to “make it” in real estate.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I had waiting lists of tenants for the first and only time in my career. 

Quote from @Victor Patel: I have went to many real estate and franchise conferences over the last 30 years. 

OTM = General, overhead/widescreen view of nationwide market tends.BPRE = Detailed ways specific people are making money in real estate.

Sometimes you get lucky.You could even bring up the subject of seller financing (search online for ideas of how to structure a seller financed offer), and make sure a competent real estate attorney helps write the offer documents (if it gets that far). 

If you want to acquire more real estate I suggest more savings or sell the other property with equity. 

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

I will be managing and will be paying a real estate agent friend to show the properties for me.