Owners appear to have regained confidence and as a result inventory continues to remain scarce (which you already know). 

Small business is crippled there after covid the foreclosure rate there is going to sky rocket in my opinion wait in Chicago I will happily buy there in about a year when it bottoms right now people are just stating to figure out they are not being able to move their inventory now is not a good time to invest in Chicago that’s why I ran from there as fast as possible @Henry Lazerow@Stanislav Perevozchikov

Even with all the government financing programs, banks are becoming more cautious as the future economic/employment outlook becomes more and more uncertain.There's even a bigger problem in that right now the inventory is so low that I think rehabbers are paying too much. 

Did the tenants complete an inventory and condition form upon move in that all parties signed? 

Looking to see what kind of inventory is available to rent (if we were to list our house now, move #1 to a rental would likely be around October/November, then move #2 into the new house around February/March-ish of next year depending on speed of builder).

And I think Iowa seems to have different markets, Des Moines, Cedar Rapids, Davenport, Iowa City, all viable options in case one market doesn't have the inventory.

Yes this is a great strategy especially if inventory is slim.

Then you have no tax liability and he has all the tax liability...Also, a flip is technically operating a trade of the sale of inventory of real property. 

Anchorage-specific inventory is very low and properties are often receiving multiple offers. 77 new homes were listed for sale and 79 went under contract.

Inventory levels are at all time lows nationwide so you really need to be marketing consistently, making offers regular and filling up and following through on every lead.