Ideally I'm looking for turnkey properties or properties that need some work which totals out at or under $100,000.Please don't hesitate to tag me on replies or message me directly -- thanks in advance!

We went over some options for a conventional mortgage, however I was trying to to purchase a rehab and ideally sell it within the same year.

Ideally, this will help you decide what direction to go next. 

Obviously waiting is not ideal with the mortgage due 09/01 but I don't want to find myself with legal issues either.

What would need to happen is your tax pro would need to assist with a 1065 partnership return for both of you (ideally) to ensure its being done right.

I know that it might not be ideal, but this is likely the scenario we are working with. 

The reverse may be a little less ideal. 

Renters:A-Class: Ideally 90% or more homeowners.B-Class: 50% homeowners and 50% renters.C-Class: Predominantly renters.Land Value:In A-Class areas, land should be worth rebuilding and upgrading.In B-Class areas, rebuild as-is if the property were destroyed.In C-Class areas, it might be better to sell the land if it’s not cost-effective to rebuild.Crime Rates:Use resources like Trulia.com to gauge crime levels.

Stacking rental houses every two years using the equity built up for the next downpayment each time--ideally with duplexes.Alternatively, they could look at a market like Lansing, MI where you can buy a duplex for around $140,000 where one side pays the expenses including the property manager and the other side is mostly profit.

Depending on the size of your portfolio, I suggest considering either "PROPERTYWARE" or "INNAGO":Propertyware is ideal for larger portfolios, offering customizable and automated reporting features.Innago has been very effective for me, enabling property marketing, conducting screenings, and managing rent and maintenance requests.