Yes, there could be a limitations issue but some jurisdictions permit a significantly longer period to sue on an account.

@Ali QudsiUnless you are some not-for-profit organization - you will be required to pay property taxes.There are some instances that you buy a newly developed land/building and the county strikes a deal with you that you won't have to pay property taxes for X years but will ultimately have to pay them once the period is over.You can decrease your taxable income related to rental properties with depreciation.

The attorney is correct, the property would need to be rented for a period of time. 

It just costs money to periodically visit properties. 

Didn’t update the wiring throughout and it needed it.

What type of initial financing for the rehab period should I be discussing with the banks?

I'll post another update after closing. 

I always thought there had to be a seasoning period, but recently learned otherwise.

I am looking for any recommendations to lenders that do not require or have a very short seasoning period for rental properties. that service the Cincinnati area.

You said real estate has 30 year cycles, yet you circled 10 cycles on this chart that covers a 120 year period.