Plus, these properties are usually sold as-is, so an inspection wont change much.What experienced Flippers Do InsteadBring a Contractor Instead A 15-minute walkthrough with a good contractor will tell you what you need to know.Know Your Numbers Upfront  If you price in a repair buffer, minor surprises wont kill your deal.Use the Inspection Period (If Allowed)  Some wholesalers offer a short due diligence window use it wisely.When an Inspection Makes SenseIf you’re new and not confident in spotting costly repairs.If its a high-end deal or potential structural issue.If your lender or partner requires it.If you do need an inspection, find an inspector who moves fast and work directly with the wholesaler to coordinate access.

Where are you with the city required Certificate of Compliance process?

STRs do not require you to be a REP in order to take losses against ordinary income.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Expenses Paid by the SDIRA: All property-related expenses (e.g., repairs, taxes) must be paid directly from the SDIRA.3.

This is not even close to the documents required for a properly drafted loan.

I have the funds to buy another primary residence in this area but not enough for an investment property that would require 20-25%.

The most expensive piece we bought was the La-Z-Boy queen hideabed couch.

@Eric Smith A 1031 exchange with a related party is possible but comes with strict IRS scrutiny and holding period requirements.

Remember to split the expenses and depreciation based on how much you rent it out versus using it personally.