We were able to play it to our advantage though and get a sizable credit from the seller to compensate for the issue.Biggest learning experience from the whole process is to start everything as early as possible.

It's not professional for me to speak badly about another Philadelphia Property Management Company; but we have taken over clients from these guys....and I just hate, absolutely hate to see this stuff.Property management is regulated and a licensed activity.

Nets about $6000 a month (I took a look at a few months of bank activity.)My tenant/buyer is paying me $8500 down as option consideration ($5000 of which is my down payment to my seller), and he's gonna pay $1600 a month for the property.

My partner and I are under contract to buy an apartment complex and it happens to be in an opportunity Zone we didn't even know it when we went under contract for the apartment complex and some nearby a couple of other complexes that we have and this one just happens to be in an opportunity Zone doesn't even appear to be a rhyme or reason as to why it's in an opportunity Zone. that being said it's not a redevelopment project and we're not going to be able to take advantage of the tax credit because there's no way that we can put a hundred percent additional Capital into this particular project but what it did is it got us thinking there might be another property nearby that does need that kind of redevelopment and so now we're actively seeking other properties in that same area that will help us build our existing portfolio and potentially get significant capital gains tax deductions at the same time.

They spent $40k on renovations I'm assuming the driveway and garage played a huge role here.

You can drive yourself crazy trying to play  house detective on old homes. 

I am an active agent in DFW, and do subscribe to Propelio as well. 

We are looking for a CPA and have 4 rentals - 2 active and 2 in the pipe and try to keep one flip running all the time (4 completed so far).  

Flipping is a high risk activity, and the greatest way to mitigate that risk is through knowledge and experience.

The former is active business income, and the latter is not business income, and is also sheltered by the section 121 exclusion, assuming you meet the requirements.