You'll go farther in one job you enjoy than trying to do multiple things.If you don't enjoy your job, "Consider" (Don't jump headfirst) becoming a Realtor.

If the flip takes longer than a year, it's still considered a flip by the IRS, not a rental property, so the length of time doesn’t change the tax treatment.

I’m just trying to play it as safe as possible considering it’s been vacant for so long and I have no idea the condition in which the previous owner left things.  

Something to consider is that you mentioned you had a day job so I’m assuming you’re not a real estate professional.

@John KellyTo maintain veterans tax exemptions, consider transferring your second property into an LLC, trusting it for liability protection, and maximizing tax write-offs by deducting property management costs.

Honestly that’s the reason I even considered a cash out refi sacrificing my low rate for a greater return in an investment. 

Strategy is long term hold.Question - Apart from getting inspections done by a quality inspections company, what other items do I need to verify or consider as part of due diligence, before closing or in order to decide Go-No-Go?

To fund additional investments, consider side income, creative financing or creating a timeline with your co-owner for converting property B into a rental to generate cash flow.

To be safe, consider starting with standard percentages or slightly reduced figures until you have reliable data on the property’s performance.

I'm an investor out of SC considering a multifamily deal in Clinton, SC.