The penalty if you intentionally disregard your obligation to file is $520 for each copy, or 10% of the amount required to be reported (20% total).

My intention is to wholesale the property and I had a contractor there as well who will be providing the estimate.

They intentionally entice the students so they wanted to buy more.

The accounting requirement now hinges on the intent of a sale, if the intent is to sell or purchase, the accounting must recognize the transaction as a sale or an installment sale.

Currently they are asking 195K, and by running numbers etc I will start my initial offer 135K with the intention not going more than 160K.

If you fail to address some matter as to taxes or operations, state or federal law may default to how that matter is addressed, that may not be your intention or desire and not understanding issues can really cause problems, for you, others or heirs.

"Purchase primary resident with intent to use the BRRR methodology.Looking in areas of Bellevue, Newcastle and Issaquah but have not seen anythingremotely close to interesting that could be a potential upside.

The older it is, the more I would be concerned with maintenance and CapEx.The first thing you should do is learn not to intentionally pay full market price.The second thing you should do is ask an agent or two how much you can get out of the property after closing costs and commissions.If you have profited $3,000 -$5,000 in equity in the last seven months, keeping it sounds like a good idea. 

If you couldn't secure the $50K from a HELOC, but came into $50K from selling property, the original intention of paying CC debt shouldn't change.  

I will be renovating the apartment with the intent to hold the property for the next 10 -15 yrs and looking for the best value option.