If the is in that bad of shape and not habitable, it may not qualify. 203k loans do take a while to close as they require contractors to give bids following government guidelines.

Low-interest rates, people hedging against inflation (I believe it is coming the way the work governments are printing money), and the Midwest affordability.

Legal, legit, and I've done it many times.I'd still rather get my money out of the government restrictive programs altogether. 

What if the tenants are not paying, don't intend to pay, and you have to evict them after the CDC/Federal Eviction Moratorium is lifted.

The Federal Reserve System announced on April 15 that lenders will be allowed to postpone appraisals for 120 days after new mortgages and refinances close.

Get involve in your local market, assist to government events (now they are mostly virtual which is easier to be present) to learn about the projects the government has, new regulations, new highways, new developments approved, etc. 2.

There were some restrictions already put in place last year: https://www.sacbee.com/news/lo...Prop 21 would just expand even more rent control powers to the government, IIRC

I would also look for places with government friendly to your strategy land lord friendly states for LTR.

Link: https://www.englewoodco.gov/government/city-departments/community-development/short-term-rentalsBut you're absolutely correct that it's becoming more and more difficult for the non-owner occupied strategy to work around the metro area as more cities add regulation.

So if you don't complete an exchange, any positive proceeds you have left will be taxed at your gains rate and you would have to pay to the government.