Lian Shi - if you do a search here on Wendall deGuzman, playing around with HUD and various keywords, you should find information from one who does this regularly about how to wholesale a HUD home.  

Regular income tax applies.2) The specifics of tax amelioration are dependent on your circumstances, but sole proprietor is generally the weakest and worst position to be in from a legal standpoint and from a tax standpoint.

Under funded Reserves mean that when major items do require attention they either don't get it (parking lot that should have been re-paved 5 years ago but wasn't because there is simply no money to do it), or, hefty "special assessments" are levied that all owners will be required to pay in addition to their regular HOA fees.

My ultimate goal would be to quit my regular job/cut down to 3 days a week and support myself through rental cash flow.

I'm trying to prepare up front for the actual details of the process.As in do I make an offer as a regular bidder?

Either way, it wouldn't happen within a year, so I assume I'm not breaking any of the clear HUD rules on this one.My question is - if I end up taking my good old time and repair / remodel this place over the course of a year or more and I'm over there regularly to cut the grass, get the mail, work on it, etc.  

My wife and I wanted to do it to a) try to pay down student loans some, and b) save more money for a down payment and cash reserves than we would have been able to with a regular full time job.

Leslie Bandy I don’t believe it. the state doesn’t lend small things like that, one of my regular clients is the state, the way they’re structured is not capable of such a vehicle.

If there is any way to frame out the door to make it a regular height now is the time to do it, you won't regret it and I know it's a duplex so you'd have to probably match the entries.. but this size door is awful to order,, and a storm / screen door is just as costly.Stay informed with the local police safe officer and find out if other type incidents are happening in your area, the lighting, extra locks, new door are super but if someone wants in they will get in.With all the shiny new stuff empty boxes,, in trash of new TV's etc are calling card for burglars.. cut boxes down. 

This works to your advantage over a regular property manager who can just take the listing, post in mls and sit on it.Old Town is a great area for considering as it provides many "walk to" options.