Quote from @Quinzel Waiters: Hello all I'm new to the Real estate space but I'm working on getting my first off market dealCurrently I'm looking at a heavily distressed property that's priced too high.

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

Would you be better off just writing VRBO a check?

AT MOST you rent it out for 2 years and then sell it but honestly you’re probably better off just selling it.Assuming zero vacancy and zero capex you’re going to make about $12k/yr.

So, for a $60k loan, you'll likely need $12k-$15k for a downpayment, $8k-$12k for closing costs (prepaid insurance and taxes, lender fees, attorney fees, points, prepaid interest, transfer taxes, etc), and then another couple thousand for reserves and whatever else.

Quote from @Stuart Udis: @Robert Ellis In order for the QOZ investor to reap the tax benefits the hold period has to be longer.

I'd bet most homebuyers have no idea they can flip too...And they certainly aren't privy to the off-market deals that someone like myself is privy to. 

Every little thing in the project should be in writing, even down to the door stops :-) See my tile spec sheet below ...Two problems with your post though - 1) In my experience, most problems come from the customer changing their minds constantly.

But the IRS has said that it is not appropriate to purchase from a related party when the purchase is an attempt to avoid tax. 

He's also in Texas and can give you great guidance on how to kick off your career as an MLO.