We are looking for ways to boost our income and flipping and rental properties look like a great investment.

Guess it really just comes down to each persons personal morale.

I'm morally conflicted.

The property is still sitting there boarded up and has been that way for years @Willie Morales

To me it's  Legal Ethical and Moral.

@Micah Copeland thanks for the response, very informative.on the other hand even though i understand the concept of business, i still try values and morals with it and i wouldn't be comfortable telling a seller to sit and wait 45 days on a contract which  states that after the time runs out i will be obligated to purchase the property without any initial intent or capabilities to purchase it. i can have a lucky run all the time find a buyer, but did you ever display your intent to a seller ?

Also, I would be helping people in a bad situation have stable housing which is a moral benefit, I just want to make sure I'm not falling into some big bureaucratic fiasco with nightmare tenants. 

You'll learn how to do things the best way while you're doing them and there are really only a few things that can't easily be fixed if you mess them up.Keep your morale up and keep your wife happy.

Sell now, Pay the taxes, and use cash to boost investing? 

and you will boost your Cash on Cash