I really doubt it's stayed on the market for a year with only 15k in rehab and then a potential 1% rule rent out.

House flipper, interior designer, general contractor, school teacher, fitness instructor, office manager, mortgage banker, bartender, vegan burger flipper…It doesn’t matter!

The 1% rule really doesn't apply to this market, especially right now.

How stringent is this rule, really, and what documentation might the IRS require for me to prove that I lived there for exactly 2 of the last 5 years (versus for 23 of the last 60 months)? 

Just google Alderman Burke and the Burger King at 41st and Pulaski in Chicago.I could go on, but you get the idea (I hope).

It can be an "OK" decision if it is single family, under 95k in cost, near the 1% rule, rent ready, and grab a warranty while you're at it.

I have done a lot of back of envelope calculations on houses in my area (we have essentially no multi-family units, and I could not afford them anyway) and none of them are going to be close to meeting the 1% rule renting them out, or even close to break even in a house hack scenario.What I am seeing is even with 20% down payment, mortgage+taxes+insurance runs ~$2500 monthly with rent on comparable properties being about the same, this being for a 3 bed/2 bath home.

Burger flippers are actually going to pull down a much higher dollar per hour than agents working with out of state investors.Many of you know that I run a show called The MLS Search & Analysis Show.

Think of the McDonnalds franchise:  They are one of the wealthiest landowners in the world:  The burgers and shakes pay the mortgages on prime real estate owned by McD. 

This is not legal advice, just friendly information.As a general rule, real estate holding LLCs should be created in the same state as the property.