(Wherever "Here" is)Looks like a correction is in the making**********************************************************************************************"Home prices are continuing to fall across an unseasonably cool Seattle real estate market, with homes that would have been snapped up in an instant just several months ago now sitting unsold.""

You would instantly save on taxes by moving to another state.

But I really wont have any instant equity.

Therefore the viability of this purchase will primarily be based on the instant equity achieved via the value add.  

Anything that I should focus on from the start, or instant red flags that are show stoppers?

You can of course simply go to MHA and say, hey these tenants are month to month and I want to raise their rent because they haven't had it raised in a while.....THey will most likely look at that....and then,, presto...instant additional cashflow.....and most likely the MHA will pay the extra amount...not the tenant.Easy Peasy

Instead of buying it and getting $30K in instant equity, I'll make about $10K in commission instead.

When the market slips, you are instantly upside down.

The ability to instantly automate and communicate with people allows us to manage this from anywhere. 

@Skyler Chaney,  Hello Skyler, I've been looking at plans for an unbuilt tri-plex which when completed is expected to offer cash flow of several thousand per month, instant equity of near 20%, and a Cash on Cash Return on investment of over 50% the first year.