So PLEASE don’t make another huge financial decision and then tell that same person after you do it.

Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.

I personally know several blue-collar millionaires from HVAC techs to plumbers.

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

We recently relocated to Phoenix last summer and I'm starting to look for recommendations for local credit unions here in Phoenix which are trustworthy, low rates, personal touch, easy/simple to work with, etc. 

Personal guarantees are EXTREMELY common.

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I've sold over 80 homes personally in the last 30 months and I'm usually within $5k of the appraisal report when I run my CMA for clients.

@Lauren MerendinoI strongly believe that your chosen market should be somewhere that you can go to in person / have strong personal knowledge of / have family or a network in already.  

But the risk to the seller on this deal is immense you have a guy tying up a property who has no ability to close it and then sell it to whoever will give him money and that person could be nefarious get into title rip rents could give 2 craps about the sellers credit etc etc..