Your holding period is added together with your parents' holding period, so I'm sure you have already met the 1 year requirement.To take the deduction, it does require an appraisal and a tax form signed by the appraiser.I'm in Tuscaloosa, also.

It requires a bit of experience. 

Many of the “deals” we acquired required a lot of work to be market ready.

These have between 3 and 3.5% minimum down payments, but would obviously require a lifestyle change for the immediate time- there are hard money lenders that do not conform to traditional lending requirements.

Doors require cleaning and maintenance while curtains can be tossed and replaced on the cheap.

I have done things with attorneys, CPAs, stock brokers, insurance brokers and others successful in business.General business knowledge, understanding of financing requirements, knowing property valuations, maturity in personal financial matters to give general advice, understanding of the foreclosure process, legal aspects as to liability in leading someone into financial matters, fully understanding fraud issues and the differences in a general matter where fraud might be applied as generally thought of and what may constitute bank fraud causing or even attempting to cause a loss to an insured bank having different standards.

It's not just Sharia but orthodox jews and others that have similar structuring requirements as far as not paying interest.

I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.Details: -I have set aside $350k of expendable cash, and I'd like to leverage this. 

These properties will require more of your time and probably more hands on then the general flips.Also, the further you are away from your property the more control you will lose of it. 

In most states the seller is required to disclose any material defects they are aware of.