@Mike Dymski According to the IRS, the person completing the cost segregation study needs to be familiar with the construction processes.

But, once the  Complete 540 project is done one would assume that it would only help with appreciation in the area that you are looking/going to be working.

Again, I don't know the area so don't take what I say as completely correct.

Once we have completed the work and hit the 6-month mark we want to move out and use this second home as a rental.

Hello BiggerPockets community,I currently have my first investment deal under contract (a house hacking triplex), and due to a couple of factors we had to pivot from a basic FHA loan into a 203k loan in order to complete some repairs before we can get in.

FORECLOSURE: A seven year waiting period is required, and is measured from the completion date of the foreclosure.A three year waiting period is permitted if extenuating circumstances [EC: non recurring events that are beyond control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations]  can be documented and the lesser LTV of 90% or the standard product guidelines.

Since you and your brother are entitled to 1/3 of the profits on said property, this is a complete gift and your father needs to file a gift tax return, Form 709.

In my experience even if you go with the older property and completely rehab it you can still have issues pop up.

. - disclaimer: I'm a real estate agent and completely biased in this.

Interesting that you talk against flips and your profile says you primarily flip....