The following IRS link covers the self-employment rules.https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

You just never know what is going to happen, is the buyer telling you everything, did you miss some defects (heating, asbestos, roofing issues, title issues, zoning..... etc).The pressure you put on yourself is great, now that you made a decision to make an offer, you now have to perform, you need to know that the decision you made to buy a property comes with lots of details to get it from offer to settlement or assignment and pick up your check.We as investors expose ourselves to lots of personal obligations, making the deal work, confidence in our action, title work, financing, second stage negotiations and personal interaction with everyone associated to making your transaction work.Charles Parrish

You spruce up the old home, stage it and sell it.

Open to considering everything at this early stage in my research. :) 

I'm in the early stages of hiring an architect.

At this stage, if you haven't heard much from the PM, that means your place is faring way batter than others. 

If not on the MLS, be careful if the home is in the pre-foreclosure stage, in other words, if their lender has started the foreclosure process (takes just 3-4 weeks in my state), in some states it is illegal to take a property 'subject to' the existing financing, so check with your (or more than one....) attorney on that.

To learn about the self-employment rules, see the following. https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

From another post of yours it seems that you are at the very beginning stages of your real estate career, still looking for capital and learning the ropes.  

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