The Cons are you need an extensive network of buyers you can reach or you'll have trouble selling your deals. 

Christopher,You need to have your Agent contact the company and request an extension.  

The C4D can be written as 18mnth term, with an extension clause renewing that 18mnth term and detail all the details of such.

Wanted to make sure Im providing the most relevant points, especially in an instance where I know the property won't last more than 1-2 days before purchased. 

Basically this project will require permits being pulled and an extensive rehab.  

However, in many instances the damages ,which you did not incur in these cases, would most likely be covered 

The appraisal required for our financing came in 33k higher than HUD's asking price in this instance!

The penalties for not filing are as follows (for 2018)$50 per form if you are late filing, but file within 30 days of the due date$100 per form if you are late filing, but file by August 1$270 per form for filing after August 1 or non filerThere used to be an "intentional disregard" penalty of $540 per form, but I'm not seeing it in this year's regulations.The due date is January 31, but you can get a 30 day extension if you send in the proper form.If the IRS categorizes your rental as a trade or business, it is up to you to prove that it is not. 

Being that you live in the home (regardless if you travel a lot, this is your personal home), you can legally be a little more picky about who you choose to rent to... for instance, with a normal rental, you can't discriminate against applicants with children.

For instance, if the decking materials cost $8k but we are only allowed $7500 (2% rule) under SHST, then can we claim the $7500 and leave the other $500 out of that claim?