The only additional thing that needs to happen is make sure appraiser makes note of why the value increase in as is vs previous purchase price.

If your mother does not want to carry the note long term, there are GSE renovation loans that can be used for both purchase, rehab, and permanent financing all in one loan.

Quote from @Dennis McNeely: In a sandwich lease option, the investor exercises their option with the property owner to purchase the property when the tenant-buyer indicates they're ready to exercise their option and purchases the property.

Purchase price: $499,990 5 bed 3 bath split level house in Hyattsville, 1875 sq ft

I am learning a lot about real estate and want to purchase a rental property in my area.

Purchase price: $185,000 Cash invested: $35,000 Sale price: $671,000This was our 3rd home.

Quote from @Andrea Lucarelli: I’m interested in beginning my REI career with purchasing a SFH or condo in Cleveland area (safe neighborhood) to list as a furnished rental for travel medical professionals, supply corporate housing needs, or house temporarily displaced families for insurance companies.  

I'm scared to purchase a second home but we have the funds to do so Do it!

I am wanting to purchase a condo in the St Pete Beach (preferable Treasure Island) market post hurricane(s).

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.