Multiple people including myself have tried to caution him of the the true costs but he's been repeatedly dismissive and has made it clear we give him motivation and he wants to prove us all wrong (whatever that means). 

This is a great place to learn and to connect with people so take advantage of all the great resources.

We are trying to think of all our options for a rehab loan.

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Alabama - super low property tax but the rents are lower as well but all in all a good cash flow state.  

Last month, I pulled the trigger on getting my first real estate property ever and decided to go with a 4 bed, 2 bath new construction to limit all the variables involved since I am still in college.

In my case, all three sellers were older and tired of dealing with tenants, but they liked the steady income.

Quote from @Trent Reeve: i would think they would have more amenities than a non-condo.I think the reference was how do you stand out from one condo to another when they are all identical, vs how do you compete with single family homes.

I work in engagement marketing and deal with construction tradesmen all day, usually more custom type tradespersons with a lot of care and concern for their own work, which may glamorize it more than I realize.

I have all of my information sent to the SEC as do hindreds of us.