I would also consult with a certified cost segregation specialist in terms of classifying other assets into their appropriate class lives.

You get a place to live in yourself, tenants/roommates pay your mortgage and help you build equity, and you can purchase it as a primary residence and potentially only have to put 3%-3.5% down since you would be a first time home buyer. 

And given that many syndicators that offer paid mentorship cost in the 10s of thousands, I would just be very clear with each group you talk to on what you are needing versus what they actually offer.From the bits I have seen about a lot of people's mentorships (to be clear I have not gone through any), they cover market selection, basic underwriting, some marketing, basic legal compliance items.  

With that said, does anyone have any additional tips on how to cut costs on materials when flipping? 

I would probably need a hard money loan, not sure what carrying costs would look like.

And why it has so much potential?

Risk of ongoing costs. 

K1's were distributed with the cost segregation and 100% bonus depreciation allowed in 2022 which helped offset other taxes, so that was nice.  

Specifically:1.Tax Prep Costs: What are you typically paying for tax prep services for your real estate business?

Difficulty in Financing: Selling a property purchased under a land contract can be more difficult, as potential buyers may be hesitant to take on the remaining payments.Benefits for Sellers: Deferred Capital Gains Tax: Sellers may be able to defer capital gains taxes on the sale of the property if certain conditions are met.