I listen to bigger pockets podcast about 5 hours a day, what else can I do to prepare myself and even make some more money right now?

Some will offer 'sale prices' on inventory homes (homes that are withing 60-90 days of being complete or are complete to get them off of their books).

Not only do you have all the same analysis of a flip, but add to that the long-term hold and being a landlord piece as well. 

The penalty is $500 a day fine and two years in jail. 

I run into many of the same items as an Land use Engineer.

For tax purposes, you are better off if you do NOT exceed the larger ofa. 14 days of personal use per yearb. 10% of the days it is rented as an STR (example: if it's rented for 300 days, you have 30 days of personal use before you lose tax benefits) 

Currently two units I’m looking at in the same complex, one is a 1 bed and other is a 3 bed.

Same thing for a rental.

While rates overall have been up from what we see there has been a need to lower rates in the past 2 months and based on historic data we anticipate the same for the winter season as well to attract the top residents to properties. 

Generally from the day you purchase a property through the day you sell it (in a taxable transaction), you'll be taxed on your net accretion of cash flow over that time period.The timing of when income is taxed is likely going to be much different than when the cash flow is received though.