The only real play for people like you is to hopefully break even on a monthly/yearly basis, consider yourself lucky it doesn't cost you out of pocket big along the way, and after 10, 15, 20 or 30 years, depending on your length of mortgage, will own a piece of real estate free and clear from the burden of the mortgage, but not free and clear from the burden of physical  depreciation, management expenses, insurance and property tax. 

It is a non-arm's length, meaning a purchase transactions in which there is a relationship or business affiliation between the seller and the buyer of the property.

It has more to do with screening, selection, how well the landlord monitors/inspects the property, and chance than length of stay. 

Again, getting a license is the right thing to do, especially if you will be in this business for any length of time.

It had been sitting for 100+ days and had significant price reductions over the length of the listing.

A sample closing fee from my personal experience with a single family house is anywhere from $75 to $500, depending on the complexity and length of time and number of parties involved. 

If GC has other jobs running concurrently and they see the 30% profit slipping because of the reno challenges, length, other unknowns (while your holding costs are increasing which also are on you), who is to say the reno timeline/costs doesnt stretch so they are still making their money.

This will attract the best renters, increase the length of stay and thus lower your turnover costs which is the biggest cash-flow killer.

So now I'm confused as to:1) What exactly is considered a LTR from a tax/legal standpoint in terms of length of stay? 

@David Kilgore  I ask for the seller's address, length of time owned, assessed value, absentee/owner occupied status, property address, sometimes zoning and lot size.