As Nicholas mentioned, house hacking is a great way to dive into investing.

G'Day Alejandro,As a few have already mentioned, take a peak at Toledo also.In my opinion lower potential for long term appreciation but solid/"boring" cashflow.I prefer my portfolio to be "boring" but cashflowing lolLow entry points (Sub $100,000), high rents (Above the 1% rule).Blue collar working class decent folks that will stay and pay.Depending on the area but no derelict homes, yards well kept, cars with wheels and all tenants are employed.Plus, all are sophisticated enough to pay rent online so property management doesn't have to collect rents with bullet proof vests and shot guns lolI'm bias toward Toledo but it's worth considering.Wishing you much success

That will usually satisfy them and they won't care or even mention earnest money since they know I can close.STEPS TO WHOLESALINGRESEARCH AND CHOOSE YOUR WHOLESALE MARKETWherever you live is typically the best place to start wholesaling.

To do this, they have a team consisting of an inspector, a makelaar, and renovation professionals.However, as Ken M. mentioned, having someone trustworthy there to manage everything would also be a key factor.

I know a few investors that do it here in Tempe, Mesa, and Glendale - not to mention you can do it in Phoenix as well. 

That's about what mine cost to set a living trust with the documents you mentioned.

Now that we are 10 days from closing, I am talking to loan officer to get the Closing Disclosure so that I can know the exact cash to close (I need to move money from brokerage to bank account) and he is mentioning about 2% IPC limit. 

As already mentioned, you could sell via seller financing to lower AGI, as all you would have to claim is the payment income - until balloon payment received.Did know an investor that had 14 properties paid off and he moved into one every two years to then sell with the $250k single exemption.

As Michael mentioned you just need to respond to the IRS and state this is what you're doing.

Not to mention that current owners will have taxes go up on their toxic vacant lots due to the cost of buying people out (so sell to us now).