You can do this almost "tax free" if you set it up correctly, or you can lose 50% to taxes if you don't.

If two contracts, that means it's have to be two different purchase prices, correct?

Thanks @Brian Eastman for quick reply and answer.

You can also represent both in dual agency as long as both parties agree with that and you have disclosed your representations correctly in writing to all parties.If you already approached the seller, as a licensed real estate broker in NC you are required to provide them with the Working with a real estate agent brochure so they understand the process and the representation.It sounds like that you have already negotiated something with the seller and potentially learned personal / financial information about the seller.

If they do this correctly they can do it with multiple properties and keep increasing their wealth.  

Do my numbers seem correct?

Thank you all for the replies!

Also post Facebook marketplace, craigslist, Facebook yard sale, community websites, Nextdoor Write up a canned reply to zillow / email leads and save it on your phone and computer.

With decent tenants you can likely manage from 4 hours away-and you have a partner to rely on too-if I read correctly.

Thanks for replying guys, I sent you both a property overview