This is where most people start getting nervous. And, honestly, it's for good reason. Having good residents can make owning a rental house a breeze, but bad ones can make it a nightmare. Fortunately, there are practic...

I was able to get a private loan which I used to purchase the house then I used my own money to rehab the house.

Flipping houses is a lot of work.

Would add Sub 2 & Out of State House Flips. 

You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

Income would be the same if I compare to the 4 bedroom house at $1000 per room.  

We want her to live with us so she's more active and social, but our current house isn't suitable.

But the risk to the seller on this deal is immense you have a guy tying up a property who has no ability to close it and then sell it to whoever will give him money and that person could be nefarious get into title rip rents could give 2 craps about the sellers credit etc etc..

I personally would stay away from condo-tels as they will be even worse and you'll have less opportunity to cash flow. 

We will shop for used appliances where we can when we need one… or pick up used cabinets if we can, or search eBay for something smaller,  but going to the extreme of personally shipping something big in internationally for one-off renovation needs seems like a stretch of reasonable.Just like you mention, the number of unknowns would not seem to be worth it to me.Just my 2 cents.Randy