If it’s neither do a lease option or subject to or master lease.  

Otherwise you will be subject to income taxes and a 10% penalty.

I went through Vantage Credit Union and got a 5% interest HELOC, later subject to prime with all else similar but no fees. 10 yr draw but $300minimum repayment from the start.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

There are many BP podcasts on this subject and I'm sure searching this in the forums will give lots of great information.

The numbers are subject to change depending on other factors but I tried to get an avg and work of that.

This is really a subjective question, but, in my opinion, you'll find some of your best BRRRR opportunites in the Midwest.

Maintain the yard in grounds subject to all City, County, and State of Illinois codes and rules.

Two years or two tax returns stems from the period outlined in the safe harbor or rev proc 2008-16 and referred to in a couple case rulings as two years, two calendar years, and two tax years (appropriate times not recommended or required times). 

I do not wish to offend anyone, but rather stimulate discussion and hear what everyone else's opinion on the subject matter.Quick backstory on how I got here.