As your residence....ordinary income tax (short term cap gains)As a “flip” only....ordinary income tax plus 15.3% ss/med.

We also have to keep in mind the thousands of dollars we'll need to take out for med school.

Annual Rent - $26,000 ($2,200 x 12)Med.

First to live then rent out for med to long term.

Natomas, West Sac, Downtown/Midtown, Med Center, etc are all much more attractive options IMO. 

I see lots of the younger generation staying at Airbnb's more than hotels on the low to med price STRs.

B2B and med device/capital equipment.  

But what stuck with me also was the statistic on cancer meds (where a huge amount of pharma development money is moving).

I guess my debt tolerance is med.

The facts on the house in question:Area I need to live in for next 2 years, so I would renovate, move in for 1-2 years, then rent 2200sq ft - small for our family of six, need to add about 500sq ft which pushes reno $ up$285K asking price (a friend's deceased mom's house has not gone on market)1960's home needs $70K-$120K in reno depending on final plans (needs foundation work)ARV $400K-$450K conservative, there are some 480K compsRental value around 3K very nice professional/young family area of Houston close to Med Center Values all over Houston seem down average 10-15% Think I could have the owner carry interest only until reno is complete, then refi out about 400K.Anyone with experience that wants to weigh in with ideas and help me evaluate this deal would be excellent!