@Jason JonesI have to step in here and state that a Rollover as Business Startup (ROBS) plan does not align with your situation as you have described it at all.Those plans are for actively running a business, not holding passive income properties.This is a complex and expensive solution, and a great tool for certain situations and significant amounts of capital.  

I never used my broker license for a full time job even though I kept it active for about 30 years.i closed a few deals for other people and have only one real estate investment deal for myself.As a safety thing, right after you close on an improved property, get an insurance policy that will protect you if there is a loss.  

We are of course a bit green, but we will be actively seeking out knowledge here on BiggerPockets and ramping up as quickly as possible.

I should have very little to do in the next 10 years of holding it as I fully addressed all the majors.

If this was done prior to the reno, it's likely the majority of the cost can be written off as operating expenses under the De Minimis Safe Harbor.

What type of real estate activities to you plan to pursue?

Making less income on a month to month basis is not a major issue to me because we plan to take 100% of our profit and reinvest it.

I initially started researching on Bigger Pockets to find discussions on strategies to weather the storm in a declining market because that’s the biggest fear for us to get started.Thank you for all the information so far and I look forward to being an active member on the forum.

How close are you to major cities in Mass?

We will continue foreclosure activities as long as the loan remains in default and a foreclosure attorney has been assigned.