I've never spent money on inspections/environmental before having the property under contract.

B) I don't have to give the contractor any money upfront for anything.3.

If you want to acquire more real estate I suggest more savings or sell the other property with equity. 

But if I sell it and put that money in the stock market and earn let’s say 8% I would make $40,000 on the same money.  

Consult a CPA or real estate attorney to understand tax implications, build a reserve fund for unexpected costs, and research local regulations to ensure a smooth and profitable transition into rental property ownership.Good luck!

If it's worth it to you now, I'd find a real estate lawyer and ask if they have a simple lease agreement they made.

If you want higher growth then Cleveland and Dayton type markets with $100-150k prices may be better suited.I would encourage BRRRRs after your 1-2nd so you can recycle your money.

(Others would be more boring and say it’s just my money earning money.

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

I buy property to make money and the depreciation is bonus/gravy.