There is also a short term gain (held property for < year), so the gain is also taxed at a rate that can range from 10 to 39% based on your tax bracket.Also, sometimes you will have a CPA tell you, if you were to stall the rehab or sale of the property and sell it just after the 12 month mark, that would exempt you from the SE tax, that is also wrong advise.

Also, by giving your tenant an open door to pay you any amount they wish by venmo etc it makes it possible that a tenant can pay you $1 which can stall an eviction and cost you months extra lost rents. 

It's one of the few metro areas that saw rent appreciation in the last year when places like Denver were stalling out or dropping a touch.Good luck!

Picking the jockey over the horse is usually a good approach in this space.

I spend my days rescuing dogs and horse's and playing with my 12 grandkids.

I have his 2016 financials (from the horses mouth).

Quite popular for horse farms is Williamson Co., but you are also in the most expensive county in Middle Tennessee.  

Knowing he was likely to deploy, we made adjustments to his lease to extend it 15 months so he can get settled and work on finding a new rental or buying a home (HOA doesn’t allow 3 vehicles or use of a 3rd parking stall, so once we’re all back, we work with management to get extended parking passes until we find a solution/park on the street or they find a new place for rent).

Initial concept is for a mix of 1 and 2 bedroom units, basic in design and build out materials, with living space located directly above an oversized single garage stall. 

You can go the long rout and get enough AH's from enough heirs to choke Death's pale horse.