It will be passed on to renters, hurting the exact people you are claiming need help.As far as mutual funds, they are a horrible investment.

I'm certain this is a good deal but I'm a bit apprehensive because, for 1) its outside of my Houston area Market so overseeing a rehab would be quite difficult 2) With such a large home we would face some financial challenges with doing a complete remodel.

as for legal proceedings.. well not worth the hassle for a measly 2k.. unless you want to slog through small claims court. and see what the judge says.

Are you completely demolishing structures in the "abatement" of methamphetamine contamination? 

Or is here something I'm completely missing?

It was completely rehabbed with an additional  $150k.  

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

However, elsewhere on the internet, I had read that you could not rent your property completely, even if you lived more than 12 months.

You and your wife should both already have substantial incomes, yet your net worth is completely upside down because you're not in control of your spending.You and your wife are not willing to house hack.  

Many of our clients are real estate investors and I see two different strategies when it comes to claiming CCA.