You still pay interest on it like any other loan, so it's a bad idea.

For a flip, the profit is treated as ordinary income, not capital gains.

Massive dehumidifiers are filling with at least 3-4 gallons of water daily - we can't rent until a slew of multi thousand dollar repairs are completed.We were told that the dehumidifiers the sellers had in the house were only used during the spring when snowmelt was very bad.

As other's above have mentioned, Midwest wouldn't be a bad idea.

Lawsuits against HOA, HOA lawsuits again insurance companies, deferred maintenance that makes it not qualify for FHA loans, too many investors make it unwarrantable for loans, too many investors, force you to sell to another investor (investors never want to pay premium prices) and just so many other issues.I would say when your lease is up, sell that bad boy and either 1031 into a different kind of property or just take the cash and run. 

We sure have and are now doing a deal for this investor where they keep 100% of the profits.Folks that do their best, will make mistakes (Honest mistakes for those with integrity).We have been thrown under the bus quite a few times on this forum like many others but I sleep peacefully because I know we don't steal, cheat or lie and always do our best for everyone.Many times things work out well and other times they don't.Such is real estate and such is life.Onwards and wishing you all the bestYes I have to reiterate that I don’t think they were doing anything bad.

@Christopher PrideMedian income is not bad.

You can either continue the depreciation schedule from the property sold, and create a new fixed asset for the additional amount invested to obtain the property (Two Depreciation method), or you can opt to treat the new asset as one asset (Single Depreciation Method).

Next month is looking even better.Not bad for only 1 year of investing.I am doing co-living in Arizona, but live in Oregon. 

Those tend to be the smaller type of deals of course and in more tertiary markets, but not a bad strategy.