I personally don't hit the 70% rule every time, usually because they are larger deals (600k ARV) where there is still a very healthy profit, and we've come to know our process, the area, and what sells which minimizes our risk.  

I have excellent credit (over 800) so I am trying to find the lowest rate with minimal fees. 

And maybe commit to keep reusing their skills for long terms.I do this, especially with profit ranges being minimal in ARV. 

You can use your IRA or your inherited IRA to invest in real estate and you have 10 years before you have to pull it out. so you can distribute money out over those 10 years and potentially minimize the taxes.  

So if you get the home in a place or buy the home in a place where there is minimal maintenance the home could cash flow well.

@Patrick Philip the house hack was through an FHA loan which is why the down payment was so minimal. 

My income is minimal for investing in this area, but is expected to increase come 2021.

With such minimal work you may find a lender willing to do the deal.

That also could be the case for the second option, but I’m not sure and I’d like to minimize any taxes. 

He can minimize his capital gains if he spreads the payments out over a number of years (plus he'll collect the interest on holding the note).