Detail below:  Qualified amounts paid as principal or interest on a qualified education loan (as defined in Code Sec. 221(d), of the designated beneficiary or a sibling of the designated beneficiary.11 A “sibling” means an individual who bears a relationship to the designated beneficiary that's described in Code Sec. 152(d)(2)(B) (i.e., a brother, sister, stepbrother, or stepsister) This rule allows a student loan distribution to be made from a QTP account to a sibling of the account's designated beneficiary without changing the designated beneficiary.

I am thinking out loud here but you really should make sure that you obtain a clean/clear Certificate of Occupancy before you close the deal.Even if your lender does not require a Certificate of Occupancy, the City is aware that it MAY NOT issue a Certificate of Occupancy without a garage built on the property.IF you close without this being resolved, the City may contact you as the Owner and (a) demand that you build a garage and (b) inform you that you have a code violation while you have tenants living in the building.IF the City decides that a garage must be built, you could obtain a "conditional" Certificate of Occupancy whereby you either promise to build a garage at a later date/deadline or you make the promise along with paying a bond or escrow to the City.Personally, I would make the Seller pay you for the cost of building a new garage as they are selling the property to you that is not up to code. 

Search code violations etc. 

What sections of the tax code or IRS guidelines are you relying on?

As a flipper, you will need to know a lot about managing jobs, proper construction techniques, permitting, inspections, building code, etc. 

The city or county can have their own code requirements for architectural style and design which can up cost per sq ft a lot.

The tax code as an investor is very friendly to your bottom line (AGI) if done correctly.  

For instance, mine was targeting Absentee Owners with 50%-100% equity and by zip codes I knew in my state that would be profitable deals.

See Below:"This can't be done as is due to the vast number of code violations.

For owners who already own property that isn't lead certified - if one of their tenants has a baby, or if there's kids living there under the age of "X" (again, I'm not a pro on the lead laws) the owner is required to bring it up to current code for lead.