Keep your eyes on the prize, never stop learning, and be willing to modify your plan of action as you get more experience.

@David Burton I'm not sure what is meant in your comment about an "optional contract", but your lawyer should understand the use of a straight purchase option contract.Perhaps his objection to the use of a modified P&S contract is that it is fundamentally a bilateral agreement (i.e., both parties are required to perform).A straight purchase option contract, however, is specifically designed to be a unilateral agreement (i.e., only one party -- in this case the seller -- is required to perform). 

You could also work with other owners and the HOA to modify the covenants.

This Addendum to Purchase Contract is entered into and is effective as of ___/___/___ by and between Seller(s) and Buyer(s) (hereinafter referred to as “the Parties”) and shall be deemed to amend, modify and supplement that certain Contract dated ___/___/___ by and between Seller(s) and Buyer(s) (the “Purchase Contract”).NOW, THEREFORE, in consideration of the mutual benefits to be derived from this Short Sale Purchase Contract Addendum and of the representations, warranties, conditions and promises hereinafter acknowledged, Sellers and Buyers hereby agree as follows:1.

Anyone out there with an existing Nevada Lease Agreement that we could modify to fit our needs?

Do we modify the plan and try house hacking?

The debtor may need to propose a modified plan that reflects the additional income.

Unless that doctor has a modified AGI of less than $150k (which is unlikely for a doctor, trust me) or has a spouse that's a real estate professional, there's no way he can use regular real estate losses to reduce his taxes...If his return is selected for examination he'll be hit with back taxes, interest, and penalties.

@April BirdsongAs mentioned, material participation of $25k allowable deduction phases out between a modified AGI of $100k to $150k.You might be able to deduct some of the upgrades if they were smaller chunks.. maybe?

A hidden expense that is impacted by capital gains is Medicare payments, if you are close to 65 or older consider the below:The monthly amount you pay for Medicare Part B and D is based on your Modified Adjusted Gross Income (MAGI) from 2 years prior.