Repairs and expenses are deductible, but you only get back the taxes you would have paid, so you are spending a dollar to get back a quarter.

Too many red flags to even bother spending any time considering.

Preference is to Silicon valley where i live, but considering over heated market here, think investing nearby may not be possible for my budget (about $450K)However there are few areas like Richmond, Stockton/Tracy in this price point, but not much upsides there.

There was a Twilight Zone episode where these guys rob a bank and horde gold bars, and manage to take a sleeping gas and wake up 100 years later to spend their booty.

Your Taxable Value on this property is $ 71,500.So here how it breaks down for your taxes in Rock Hill SC:$71,500 x 6% = $4290 (6% is non-owner occupied taxable rate)$4290 x  .4108 = $1762.33 per year  (.4108 is the current 2017 millage rate)So your taxes are going to be $146.86 per month.Here is a copy of current millage rates per county in my area.After looking at your numbers I would think your rehab budget is low.I have a lot of property in Rock Hill and you need to make sure you get a home inspection. 

Until you officially take ownership you have no authority to offer any changes.You need to spend time studying your state landlord tenant regulations.

About 150k budget, is that even realistic?

If I were a halfway decent tenant and my landlord told me that my kids and I don't get to have heat for four days because he didn't want to spend a few bucks on an HVAC tech, that would not sit well with me.

—-would i get in trouble if spending part of the year in the property and the other part in a rented property by my significant other?

But for budget friendly options look at Lowes in stock replacement windows.