If you would like to pitch some advise, please feel free.

If the three roommates all pitched in to pay the security deposit, then the outgoing tenant needs to get their share of the security deposit back from the other two, not from you.

An approach to minimize some of the self employment tax is to pass some of that flip income to yourself in the form of a dividend. 

In the East End, with the exception of the Bakery Square development, there is minimal new housing stock available for rent.

Stay away from the “guru” sales-pitch events.

Sarann K.love the pitch for seller financing..... whatever that is ;-)

We developed the relationship with the modular home companies during the downturn in hopes of expanding our offerings and ended up building 3 homes with one manufacturer and 1 with another, we found there to be limited demand for the product in our area and minimal cost savings over similar stick built products.  

My wife will have minimal activity in it other than backing up my comps and listing properties.

There could be various scenarios where the actual tax impact is minimal or none, without special tax planning. 

I see a few properties that also have been recently rehabbed like yours.Since I am limited on time for renovations, I would much prefer to invest in a property that requires minimal upgrades.