Which would allow you to escalate that snowball payoff without having to use part of it to pay the tax.

Bulldozed the house and plan to build a new house on lot in the future Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The markets open up if you are not planning on doing the management yourself.There are many markets that are growing in population and jobs throughout the country if you are willing to look at OOS investing. 

I plan to consult a tax professional but before wasting anyone's time I would like to ask whether I can technically claim the property as a rental in 2024 even though our first contract started Jan. 1, 2025?

I am looking for recommendations for best financing options.The owner is considering financing it, but until they agree, I am planning as if they will not do so.The local credit union I use, who is very investor friendly, is unable to lend on properties larger than 4 units right now. 

Their plan is to raise rents (on the poor remaining souls, improve infrastructure and exert some sweat equity. 

Set aside a big pile of cash or rely on a line of credit you won't be using.The oversimplified insurance concept is to pay a small premium to cover a large loss.

do you know how to read building plans or permits?

Are you planning to rent the entire unit at the 2nd year mark? 

Good call, getting multiple bids is definitely the plan.