Unless you trust your team enough to basically hand them a check for say $10k and trust that they will get the job done, and/or you are willing to visit the job site personally on a weekly basis, in no way, shape or form would I advise any newbie to take on a rehab out of state.

You might want to hire a lawyer, and/or a CPA, and/ or a tax consultant to advise you on the best way to go.  

Please advise..Thank you!

This would allow the owner-financer to settle into their new home, according to the seller.  5) Most important: I had a real estate attorney, and a good friend of mine, who is a real estate agent, review the contract--both advised me not to proceed. 

Linda hi,I know this is not relevant to the conversation, even though as frequent conferences attendee agree on many points shared above.I am an investor from down under, and professional tax agent her = to CPA in USA first time tax lodger,  no Income in 2016 FY.Can you advise what form do I use to lodge Nil return?

I would advise you talk to your accountant to make sure all of the information for your situation is correct.However I do not see any issues with using turbo tax, but you are starting to get into some gray areas of the tax code, where having a professional might be worth the investment.

@Yazeed Atieh the first order of business would be to find a good agent to advise you during the process.

I'm both a broker and investor and frankly I would be embarrassed if one of my clients had to seek advise online instead of getting the scoop directly from me. 

If my net income from a rental property is $5000 last year, I can work with my tax adviser to use depreciation to "write off" that income.  

In all cases, consultation with a knowledgeable landlord-tenant attorney is highly advisable before doing anything.