If you are using a Fannie Mae or Freddie Mac (if you recognize those names) type of loan for this they have some very specific rules for these types of transactions and some that are somewhat vague.First, your downpayment requirement will be 10% down minimum. 

@Mark FergusonI recognize your website URL and I'm sure I listened to a podcast with you on it not so long ago which is probably why it sticks out.  

I wanted to major in music in college, w/ aspirations of becoming a professional musician, but my mother recognized the insufficiency of my talent to do so before I did, so I majored in finance instead.    

In my opinion, inspections are to uncover (and possible repair or renegotiate) items that are not easily recognized at the time the offer is made/accepted.  

I recognized he deferred virtually all the money, but he will still get it eventually.  

Doing all hardwood floor from carpets because carpets are too dirty to be recognized or cleaned.

And in my mind those properties are only suitable for those that live and work in the community and these assets are a commodity not an investment.. because they are not an investment per se as they never go up in value they go down usually and they are money pits when your in the super cheap ghetto war zones.. good job recognizing this and understanding that properties with hopes of appreciation because of area are to be considered in the full equation of investing in Cash flow rentals were ever that maybe.

Wolf is very memorable for higher end buyers as OP correctly recognized.  

LLC's are not recognized by the CRA in Canada, so there are tax credits you may miss out on.  

It is important to recognize that the tax treatment of interstate exchanges vary with each state and it is important to review the tax policy for the states in question as part of the decision-making process.You'll just want to check with an accountant to be doubly sure you're in the clear.