You should not, under any circumstances, try to flip a house based on what you said above.

Based on only the facts and circumstances listed above and if it meets the 2 out of 5 year test, it will be considered under the $250,000 income threshold and non-taxable.

Would I need a broker's license to manage this property under these circumstances?

Hello all,I understand that opinions may vary and depend on goals and circumstances but I just wanted to hear some experienced local investors weigh in on a first rental property investment in Florence vs Beaufort SC?

Sometimes different title insurers have different underwriting standards and one may agree to insure while another may not under the same circumstances. 

I think you might put yourself up to legal risk from the family once they find out they aren't getting the house and take you to court for them singing under duress or another circumstance where they were not of right mind. 

Can I still get a mortgage loan to purchase real estate under these circumstances?

Different circumstances, different economies, different geographical areas and different players all have tremendous influence on the success or failure of a strategy , or tactic.  

I find that its different for me each time because of various other circumstances of my financials. 

@Justin Buckneri can't predict the future, and i can't tell you that you won't run into any unforeseen obstacles.with that said... i do think a 40% reduction in prices or rents is very, very unlikely.I'll also say this...