I'm new to the area, so testing fix/flip market.  

Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function.

My plumber went and discovered tush wipes sitting ON the toilet tank while trying to test the toilet.

We were fortunate to get the ball rolling fairly quickly and only have to fork out 1.5 months of mortgage on our own. my partner thinks he can do all the taxes for the home and depreciation on turbo tax, as that’s what he’s been doing forever since he’s a w2 earner.

The second piece is whether or not you pass the Material Participation Tests found in IRC 469 and the third piece is whether your participation rises to the level of Substantial Services (think hotel, B&B).4) My CPA Says I can't deduct a loss that was generated! 

If you’re going to be doing land deals, consider opening a business checking account; it’ll keep your personal and investment expenses separate, which can help a ton when tax season rolls around.

There are seven tests, however the most relevant tests for STR investors include:Perform substantially all the work related to the activity.Participate over 500 hours during the tax year.Participate over 100 hours during the tax year and no one else participated more.If your property meets one of the exceptions above AND you meet one of the above tests, you can qualify to treat your rental activity as non-passive.

Tenants told me seller had tried to sell to investors before but after meth test came back positive they were going to drop the price significantly. 

Since this is an FHA Streamline, there is no appraisal, no income verification, no employment verification, no out-of-pocket costs, and nothing rolled into the new loan.

If you have an opportunity presented, and your equity can earn more money in that deal, then I would roll it over.