I won't brag, I'll leave that to others but I will give you one important piece of advice.Being that you are a stay at home mom, which I am a huge fan of, you can classify yourself as a "real estate professional" for tax purposes.

Even multi family is considered commercial, with any commercial component, I’m surprised to hear that a residential lender would lend, though, again, not sure what you are referring to when you classify the loan as “residential”?

Would it be classified as selling a rental or not?

There are some great ways to classify property - we're making our first deal and will be using QB soon for our personal business. 

I think it would be tough to classify it as such if you end up immediately turning it into a sober living house.

I posted a classified add in my local paper today and shared the MLS listing on my FB page.

If so, then it is what it is and is long done.If by some mechanism you were able to take the funds without that being classified and reported as a distribution (unlikely, but possible), then you have a bigger issue and should consult with your CPA as to how to fix the reporting and pay any necessary taxes and penalties.... 

For example: if the gain you are deferring would be classified as a short-term capital gain on that year's tax return, then when the deferral period ends (when you sell your investment in the QOF) any gain that should be recognized would be classified as a short-term capital gain.This is not meant to be a comprehensive list of all the details, but just a small summary of some of the main points I identified during my first read through the proposed regulations.I hope this is helpful!

It struck me as odd one day when I happened to be looking at their family status in my landlord portal that the oldest daughter was still classified as a dependent, but the 18-year-old was not. 

But I think very few buyers and absolutely zero brokers would classify most 2002 vintage properties as B class.