I think I would do separate agreements to cover any new items and make sure they realize the deposit is for any repairs that are not ordinary wear and tear and not rent payments security unless that reason exists as part of their rent even though that may be part of their deposit. 

If the short sale results in $100K of forgiven debt, then the IRS will exclude the first $50K from income under insolvency relief provisions of the tax code, but the remaining $50K of forgiven debt is still taxable as ordinary income.

I can't think of a better crash course in learning landlording than house-hacking, as well as earning higher net rents than ordinary rentals. 

I have always been thought of as someone who is a little quirky and I do things a little out of the ordinary.

If you are a dealer, if your intent is primarily to resell then you will always pay ordinary income tax and you are ineligible for 1031 treatment.  

All the stories of ordinary joes making 5, 10,000 in a wholesale or flip makes me want to jump in faster.

Also if you are a dealer (which likely you are) this will be ordinary income as opposed to capital gains.

I waited until we owned about 17 units in 8 buildings as a regular old ordinary partnership.

When you an inspect an ordinary vacant SFH, there's no sign of a claim on the land and there's no party to inquire.

Short-term capital gains tax rates are the equivalent of ordinary income rates.