And as far as legal—an attorney becomes essential once you're ready to finalize terms with either an HML or private lender to make sure everything’s secure.Hope this helps!

Some private lenders will step in and fund.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

so if you don't have a lot of money, then you'll have to save some up.hope this helps

I don't believe sellers should benefit from any tax savings.

He has been saving his money for years and has plenty of money saved but no experience with real estate investing.

Health insurance payments, Health savings account lots of options. 

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

Typically needs 20% down, but offers lower rates and you can ditch the PMI (private mortgage insurance) once you reach 20% equity.

Eliminate debt, establish a budget, and save.