Just my two cents as I have considered it as well. 

i dont consider not being able to find an attorney a red flag, is just that they're not insured to do these kind of transactions i found out. i'm sure that other investors are doing subject to deals in north carolina and they're probably using an attorney, or this can also be done by you without an attorney, just need an attorney to prepare the deed. as far as the seller is concern, they have three choices when facing foreclosure, they can catch up their payments on their own, get help from an investor to make up the back payments and take over the loan and make the monthly payments until they're able to cash out and pay off the loan, and third,just go through the foreclosure and completely ruin their credit and i mean very bad credit. 

To get the tax benefits of a live in flip you would have to live there for two years. 

I have two other homes that I do rent out as well, and another property that I used to and then sold after STR with nice returns and nice appreciation -  so there is plenty of history. 

I have wondered, at length, about purchasing lots that are zoned R-2 / R-3 and selling off the the one or two of them and then keeping one for myself and putting a home on it.  

I do have some money to invest with, but don’t want to continue using it all on a deal or two and then wait for those to close to move onto a new deal. 

One has two properties under there name and the other has none. haha.  

Or, the place could look like your Aunt Gertrude’s house and some elbow grease, sweat equity hustle and two years later sell for a profit. 

And now she wants to drop the entire thing for the next year or two or more.I've wanted to own a rental since I was a teenage, our home has had all the major repairs and upgrades, it's move-in ready at this point.The ideal situation for me is to buy a second home in the next few months, @ ~7%, get into our home before summer, interest rates drop over the next year or 2, house appreciates, we make out like bandits in equity and then if it makes sense we refinance to a lower interest rate.

This year two separate deals in Florida 300+ and 100+ units both in South Florida.