On May 31st I go to clean out the home and take photos for my listing.

the proration requirement is all the gain prorated between all the qualified use (as a primary residence) and non-qualified use (as an investment property. 

Hey Michael, When I was still in CT I was doing all the cleaning, maintenance and lawn mowing at three properties and that took quite a bit of time.

I found an REO with a "special condition" that seems to scare others away but I see as a non issue opportunity. 

I would pay him/her by the hour to do odd jobs like clean and landscaping. 

Just as I would not expect an institutional investor to buy and manage homes, I don't think I'll be doing that with the SEP either.Here's my recommendation:Hands-of investmentf: Go with the SDIRAHands-on (or potentially hands-on): Go with a typical (non-IRA) process

Are you good with a non-appreciating part of town if it has good cash flow?  

You can't compare that cash flow vs a non-owner occupied 25% down cash flow. 

If they come through then the hold deposit is converted to Security Deposit but if they fall through then the Hold Deposit is forfeited, non-refundable.

Things like vacancy, collection losses due to non paying tenants, turnover repair costs and unaccounted for capital expenditures probably surprise many.