See my video on this for more info.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Readers should seek professional advice.

To minimize upfront costs, explore down payment assistance programs, creative financing strategies like seller financing, or rent-to-own agreements. 

@John Zhang If your wife qualifies for Real Estate Professional Status (REPS) and materially participates in managing rental properties, there is no limit on the amount of rental losses, including depreciation, that can offset your W-2 income.

You could explore a private note sale but without hard collateral it could be difficult and would come with a discounted buy out.

While you should always consult a CPA and/or attorney for their professional advice, here's my 3 cents (I'm sure others will chime in as well):1) Having an LLC may make it "easier" to track but it's not needed in this situation as you can run this through your personal return just as well.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

It’s advisable to consult with a real estate-savvy CPA or tax strategist to explore ways to mitigate capital gains taxes before proceeding.If you’re interested in exploring multifamily investment opportunities in Rochester, I’d be happy to discuss options and provide insights.