I was planning to go to med school, but realized that I wanted to go that route so I could dump earnings into real estate.

My son and I plan on buying our first investment property; either a duplex or triplex.

I am trying  to purchase a multifamily house , outside of the city where i live it wis about 150  miles from my location ,  how do i figure out the demographics of the area and also the medium income around the area where i am planning to purchase . do i need to look for any big stores/shopping malls or any govt offices around the area to see if the place would be ideal for purchasing the property for renting it .

I don’t see a huge issue with a 5-year term right now as most folks are planning to refi in 2-5 years at a lower rate anyway.

I assume you have the foundation permit/plan and can provide that to them to bid, so you just need to send it over and have them provide SOW and pricing. 

If they are month to month, just tell them you are planning on remodeling the place and need it vacant.      

Purchase price: $915,000 VA purchase, sfh, 1st floor fully remodeled for sale, incentives in purchase - 15k cash credit (paid warranty policy, outstanding HELOC, loan fees).

You likely have to live there longer and/or plan to use it as a rental property (assuming the revenue is high enough) because you're starting at zero equity.  

Without a full summary of the STR tax loophole for high W-2 wage earners, here is a link to the best explanation and summary I've come across and helped me digest the value of the benefit: HERE In short, the bonus depreciation rate was 100% in 2022, 80% in 2023 and is planned to be phased out to 60% this year. 

That would increase the desirability.What do you exactly mean by approved plans?