It seems like this may be good as the annual property tax bill will be less since it was purchased for less than the current market value. 3) Will paying the house in cash or financing the $150k purchase price affect the property tax assessment basis? 

Small investors are not dead, you gotta hustle everyday, and don’t stop!

Or just hire on an as needed basis?

As more people move here everyday, more and more investors have begun looking outside of the city for opportunities. 

U do what I have done for over 4k transactions you close on it like a big boy or girl and then resell what you own. that is wholesaling. laws are the laws  people break them everyday we all know that.. folks are asking is assigning contracts ( which is what they are actually talking about NOT wholesaling) and is it legal or ethical.. legal and ethical are not the same either something can be legal but no ethical LOL 

This question is asked nearly every day, if you use the search feature you'll get some feedback.....you'll get all kinds of advice on thisBut since you're asking me right now, I'd say wait a while (6-12 months) and see what happens.

Besides you need to evaluate the language in your lease on an ongoing basis so yearly renewal you can do it.

Would the basis going forward to the replacement property of the primary  converted to rental be the basis as it was as a primary home or FMV at the point of being placed into device as a rental or the primary home basis + any long term improvements while a rental?

On the bad side, Wholesaling is a frankly new industry and falsely advertised by gurus as "easy money", most wholesalers are 1man show and work on a deal by deal basis with no structure and without building any long term relationships, part of our focus on convenience is translated by our transaction coordinator, transparency and weekly updates until closing, we provide moving/relocation services, lenders, credit repairs and insurance referrals. 

From a value standpoint, owner occupied property is valued on a per SF basis.