Usually the difference b/t 500k and 1 mill is pennies really. 

I think a lot of people have the mentality that being a Property Management Company's client or a Realtor's client is like buying a T-Shirt.

@Dan T., The calculation of what is taxable in your situation is relatively simple. 

When is the next t meeting up?

@Cliff T.

So either buy as an LLC and make sure you dot your i's and cross your t's or buy as an individual and make sure you have adequate insurance coverage. 

@Henry T.

The only way t estimate execution of repairing/refurbishing or remodeling of a structure is to physically perform an estimate.

at this stage I would encourage him to put the cash in a brokerage account paying 5%  like T bills and keep searching and as well I would also advise to househack first before buying low end looks great on paper rentals find a nice duplex buy it live in one side rent the other rinse repeat.

@Theresa Harris @Henry T.