@Kenny Bao typically I’ve found my work in connecting in off market deals 100+ units has left me spinning my tires.  

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

there is no bank, no mortgage, and therefore no due on sale clause.if there is a mortgage in place, and you take the payments over, this is typically referred to as subject-to or sub2 and is much higher risk for everyone involved.

Plumbers typically charge $45–$200 per hour.

@Kaleb JohnsonRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Renovated in 2023, annual gross rents $144k + utilities.

Several have mentioned utilizing low down payment second home loans for qualifying.

We are not real estate professionals.1) How would you handle the classification of the property in the 2023 tax year and would you utilize a STR depreciation strategy?

Typically homes in-between tenants, or a new purchase with intent to have renters within 30 days this is allowed. 

IE rent to a tenant for >12 mo,  dating before marriage, no late payments then with a down paymetn (long story here)  I'll sell on either a contract for deed (typically mobile homes on land) or a note and mortgage (regular nicer houses).