Do most people have hundreds of thousands of $$ just lying around waiting for these things to happen?

Municipalities really do not like it when you lie to them about living space.

If you do otherwise, you are lying to a financial institution, a serious federal offense.If the loan is not backed by the fed, you can do whatever you and the bank agree to. 

Any advice or guidance is greatly appreciated as I begin learning more about the great opportunities that lie in the REI space!!

If posters are not teaching someone how to lie they are "selfish liars" ?

You would probably have to lie to the bank to even get a residential loan and then if they caught wind of what you were doing they would probably just call your loan.

Previously owner could be lying or telling the truth.

This deduction can offset the income generated by the property, potentially reducing it to a tax-neutral position.For those with full-time jobs, the challenge lies in the IRS designation of "real estate professional," which has specific hour requirements that must be met to take full advantage of these deductions against ordinary income.

Whether it's house hacking, short-term rentals, value-add opportunities, or per room, the key lies in identifying the right strategy for your investment goals and leveraging the city's dynamic housing market to your advantage.

There is usually a reason beyond the renovation cost too much and if they say they just decided to go in another direction, that is always a lie.