Even super complex improvement exchanges that require parking entities are not the end of the world if you have an experienced Qualified Intermediary. 

Could be lighter on the zoning and building code requirements. 

The question you are asking is - “How much down payment is required to make each property reach positive cash flow?”

Finally, we need a CPA, open to referral.Hi Jess, this may require more information to properly assess but it is possible to treat the transfer of the property and the refinancing cash out amount as a investment (capital contribution) into the business.

Purchased with 3 or 4 units rented ($525 for 2/1 and $425 for 1/1s) and the 4th unit requiring significant renovation (subfloor rotted) with no current renter.

The safety standard requirements were posted, yet they raised a lot more questions than they answered. 

Understand their fees, bid process, termination requirements, markups for work done, how they confirm fair bidding (especially if they have on-staff handyman).I would talk to the actual tenant in place to understand what their experience is with both property and management team.I would drive the area to understand how your property compares to others on the street/in the neighborhood.I would talk to other management companies and realtors to understand their understanding of the market, rent levels, etc.Basically, full due diligence and underwriting of the property.

Competition is intense and you're likely going to be looking at handyman specials in rough neighborhoods that require kevlar vests to find anything that cash flows.For the past decade or so I've been investing virtually. 

While flipping houses requires more work than some other strategies, it can still generate passive income if investors hire a team to handle the renovations and sale.

It isn't untl about age 90 where a $1mil balance requires a $81k rmd...I'm guessing you are trying to average out the numbers.