With careful tax planning, real estate professional status can provide significant tax savings opportunities.

In my experience when buying older houses, there are always something needed to be rent ready.If your ARV can support it, I would look into BRRRRing it and take care of the CapEx items during the process.

Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

You need to be careful with prequalifying people these days as various cities and states have laws that can restrict that. 

They waste a TON on money shotgunning postcards and letters out to wholly unmotivated owners until they run out of money.The tip-off is that "buy-box" question.

Our guests have ranged from newly hired UNR football coaches relocating their families to individuals traveling for medical care, couples on ski leases for Mt.

Could you please share your experiences, tips, things to look out for? 

And if he is willing, great—well... still be careful :)

Quote from @Chris Williams: For the people who use buyer's agents to find their cash buyers to dispo wholesale deals are there any tips that you would provide for me? 

Before you take any action be sure to think carefully about what your goals are in the short, medium and long term.