No matter what you do I think you really want to consider renting it out for at least a year to convert the ($130k minus $13k in closing costs, minus $80 cost basis = ) $37k in profit from regular income down to long term capital gains.

My parents are close to disowning me, and I want to do the right thing.

I have watched the 90 day challenge webinar and have been reading posts on BP nonstop. 

Thanks @Michael Plaks :If brought condo for STR purpose, almost end of the year say in Nov, also purchased all furnitures etc to make it ready for STR. what if it didn't get rented by end of the year, so :Total rented days in year = 0 Toal personl days stay at property  = 0 Does it still qualify for deductions(cost seggrigation, tax, closing cost etc for business use prep), similar to if it was rented (even if for couple days in a year) ?

If you watch the zooms, use the resources they provide, and become part in the community, it would be very hard to fail.

Purchase price: $305,000 Officially closed on my 2nd property.

So, you may need to work nights & weekends to get jobs done quickly so the transaction closes on time:(Find a decent middle ground JUST SO YOU CAN MAKE CONNECTIONS:)Tell every agent after you finish a job that you're looking for fixer-uppers!!!

Just like everything else in life, get started, keep honing those skills (i.e. keep reading, keep learning, keep attending the meetups) and watch yourself get better and better witch each property you buy.I hope this helps and good luck on your real estate journey!

Purchase price: $305,000 Officially closed on my 2nd property.

I own a business that generates income so I'm hoping to have in the next 5 years so that when I sell or close my business I am good to go.