Paying cash is fine, but plan on using that equity to scale up with a cash out refi or 1031 exchange.

Rent exchanged for work is usually a slippery slope in the future.  

It would also help if you bring a solid deal to the table in exchange for the learning experience.

I own a business brokerage firm, Stratton Business Brokers, and am a commercial real estate agent at Commercial Market Exchange.

No more frantic late-night calls or worrying about key exchanges—just smooth, hassle-free arrivals.Avoiding Double-Booking Nightmares: Double bookings can ruin a guest's stay and hurt reviews.

Could I 1031 exchange on the sale of the quick resale of the foreclosure to buy other investments or would I be excluded from the 1031 exchange as a "dealer"?

Utilize a 1031 Exchange: Under IRS Code Section 1031, you can defer capital gains taxes by reinvesting the proceeds from the sale into a similar “like-kind” property.

A 1033 exchange is specifically for involuntary conversions and catastrophic loss situations like yours. 

@Sequoiah BriseñoCalifornia multifamily sale and 1031 exchange purchases mandate landlords or property owners to issue 1099s for payments of $600 or more to a sole proprietor, LLC, or partnership, and request a W-9 from each vendor by January 31.Good Luck!

You can also provide sweat equity to a deal, in exchange for equity.