I know you can get these much cheaper but the sellers wanted the lawer involved. 

@Michael S. regarding our financial analysis - we considered everything including a complete gut rehab with new plumbing and electrical, but we did not consider that it might be a total loss, or that our gut job could also involve structural repair.  

However, It would be an error to think of our situation as No Risk, because by having a tenant on our property there are multiple exposure point (or potentialities).

Or if any entity is involved it would almost definitely be a different address for privacy and legal protections.  

When you sell a rental property at some point in the future (at least a year out), this is not viewed as a flip transaction, but rather just a reallocation of the IRA from holding passive real estate to holding cash.Your example of buy, fix, rent for 3 months, then sell would likely be viewed as a flip, especially if you repeated this pattern with multiple properties.The IRS does not define a "flip" in clear terms, but has a full set of measures they would apply to real estate transactions to determine whether something is a passive investment or a trade or business activity similar to competing commercial enterprises.  

New member interesting in learning and involving myself with the local real estate market. 

Don't get involved with the mail, tell old tenant to complete a Change of Address card at the post office and the mail will forward just fine.

Just getting started, and I had a question for people who have done multiple deals.

Now, In my first offer I included an inspection contingency and also it is all cash offer, the bank countered for Highest and Best, due to multiple offers.

Especially when I have to stain multiple decks.