Well done @Joel Florek!

This allows them to focus on their W-2 jobs, family, or preparing for retirement without the added stress of managing properties.If you’d ever like to connect and exchange strategies, I’d love to help.

They allow you to include up to 6 months of rent payments in the loan if you are unable to occupy the premises during the renovation.Just to be complete, it's also worth mentioning that both the VA and USDA have renovation loans.

This further offsets your daily minimum balance. 

Get it listed on VRBO as well.

One word of caution: the court orders typically allow repairs to make a home habitable, i.e. rent-ready, but not cosmetic or similar non-essential repairs, like upgrades or additions.

I’ve done some research and have found that some banks will allow the seller finance portion from the seller to go towards the down payment of the loan, is that true?

Not to mention the tax benefits it allows. 

However, if you sell instead of rebuilding, the IRS may include part of the payout in your taxable gain unless reinvested under the §1033 involuntary conversion rules, which allow you to defer taxes by purchasing a similar property within two years.If the property was your primary residence, you may exclude up to $250K (single) or $500K (married) of gains if you lived there for at least 2 of the last 5 years, likely resulting in no taxes owed.

A 1031 exchange will allow you to sell your building and use the proceeds to invest in a small multi family and/or medium term rentals.