This is not the type of work that I do so I can't really steer you in the right direction, other than to tell you to seek the advice of a tax attorney, real estate attorney and CPA. 

What are some strategies that are dead and or strategies to steer clear away from? 

I am an agent in central Ohio and would be happy to discuss further and steer you where to find the information.

If 2 people want to clean it and the 3rd wants to gut everything, steer clear of that one.

Most of my stocks picks came from my advisor and son who steered me correctly!

I steer clear of the latest fads, especially when everyone and their dog wants to rent out a space.

The reason I ask is that there are many financial advisors that will naturally want to steer your investing towards investments that they know and understand best (stocks, bonds, ETF's or REIT's). 

Actually I am considering not closing on the lot and losing my earnest money as I have asked both property managers I have been steered towards to provide current rental contracts proving their $2,500 to $2,700 rent estimates.

Relying on the material costs to value the total renovation budget is a flawed approach and would highly recommend steering away from this mindset.

Sorry for all the questions, I'm trying to make sure we are steering in the right direction.