After a seasoning period, including EOY tax forms, you may be able to help establish for the seller they are not responsible,  but the main message is-this is not a strategy for a vanilla listed Jack and Jill Homeowner that needs to buy again right away deal. 

depends on the market, Typically we use 75% of ARV minus repairs and the fee you would like to make.

To add insult to injury, every company I’ve asked for a quote based on the quote I got from the first vendor, wants me to pay another several hundred dollar service fee to come out and look at it themselves.

And yet another, recording a memoradum of purchase agreement to cloud title and then not releasing the memorandum in order to hold the property hostage for a fee, is a serious legal issue.And another, signing a purchase and sale agreement without the intent or ability to close, is fraud.

Are there any tax ramifications?  

Very cool BP community reaches so far...Two year work history and US tax returns for FHA.

Operating partner not paying loan or taxes and lender threatening to foreclose, who was also a family friend at the start. 

Debt is tax free, sale proceeds are not.

So far I have learnt that we need to do the following:1) Get a TPT (Transaction Privilege Tax) license. 2) Register the property as a rental property in Maricopa county records.

Budget for More Than Just the Mortgage: Include property taxes, insurance, maintenance, and potential HOA fees.3.