It's a very small 850 sq ft, no basement SFH on a street of nearly identical houses in a decent neighborhood.

While it has tightened up, there are still opportunities if you have a decent network of wholesalers. 

Either locally or one of the regional/national lenders, and even then, you'll come to the table with a decent chunk of cash.  

“You get one shot to make an attractive offer package,” Platt says.

Or we could rehab, sell for, a what looks like, a decent profit, then have a  down payment/rehab cash and try to get into a short term rental that could have a higher cash flow, and a potential BRRR into more properties. 

They gave it a vitamin k shot, and sent it on its way with scheduled follow up appointments.

Below is a hypothetical screen shot of various line items in a typical NOI calculation.

HOPEFULLY, your friend is using a decent CPA and just explained incorrectly to you that they would OWE depreciation recapture when they sell.

However, when/if you hire a contractor to do your remodel work, I certainly suggest that you confirm that they have workers comp and general liability coverage in place, and with decent limits (most have at least $1MM in GL coverage). 

I have maxed out my VA Loan limit (almost) and I'm cash flowing a little bit it will take a decent amount of time to accumulate enough for a 20% down payment.