Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?

Hi Valerie,Theres a few options you could go about, there are a few investors who can blanket the loans but this is going to be more along the likes of hard money, so increased costs.I don't think the seller would be opposed to amending the contract and allowing you to close separately (assuming the SFR is a applicable value).

Quote from @Matt Schreiber: @John Underwood Thanks for your input, I assume a beachfront house is going over 1 million in that area right? 

I don't know if they do that, I would assume they do not, but I am not privvy to that type of info.

I assume FL is flexible with documents used when evicting?

Location wise this is in a fantastic intersection in one of the affluent suburbs in the country (Metro Atlanta), hence, assuming finding a new tenant is not that hard...but I could be wrong..

The tax prep work is straightforward (assuming its just a W2 and a long-term rental), and your priority should be to find a qualified CPA that communicates and responds in a timely manner.

@Anthony Zotto - By the way you ask the question I assume you're going to self manage the property instead of using a property manager.

BRRRR also assumes you nail the rehab and refinance steps, which can trip up newbies if costs or appraisals don’t align.

Assuming you purchased in your IRA for cash as most do, then there's nothing to deduct or depreciate because the income is non-taxable inside the IRA already.