I had to explain that their listing agent’s describing the properties (it was a package) as “turnkey” - specifically telling me that there was no deferred maintenance when I asked - was in stark contrast to reality: it could be readily seen from the street that some needed new roofs, to start with.

I have made it clear to all parties that the offer price doesn't mean much if the P&L doesn't check out with the assumptions made based on the pro-forma, or if the physical inspection turns up some costly deferred maintenance for that matter.Number 1, I don't want to spend a lot of time and money to find out that the seller is trying to hide something that he hopes we will overlook. 

Suggest you defer your ambitious task until after it starts melts next spring. 

. #1: Lots of already overdue deferred maintenance/cap ex, and/or #2: Vacancy may be (artificially?)

Does anyone have clarity on how the new GOP Tax plan (if passed) will impact the accounting and the deferred FCF?  

It was once a very nice place, but it has fallen on some rough times and has a LOT of deferred maintenance.

SO pretty sure we will be handling this on our own.As we will be just starting out cash flow is going to very important, but I don't want to defer maintenance and repairs.

I would then call my school loan provider and see if there are deferment or lower payment options accessible to you during this plan of action.

Can you defer payments or negotiate reduced payments? 

Buy and hold real estate investors have more flexibility in deferring taxes by utilizing a 1031 exchange.Sometimes house flippers can strategically exclude income if they meet the requirements of section 121, that is live and use the house for 2 out of 5 years (general rule).