I'm completely lost at why people would spend money on class and workshop, when they can actually use that money and go find deals a bit outside of the expensive city we're in. $8,000 could got you started on a deal, or do a mailing list of some kind.

Once the renovations are complete, you could either refinance it into a long-term loan or list it for sale.Happy to answer any further questions!

I completely agree.

If you work 40 - 50 hours a week in a full-time W-2 job I'm not sure how this would create a conflict with claiming that you meet the 500-hour material participation rule provided you are completing the hours that count toward material participation. 

When buying sight unseen, it's essential to get the complete picture.

Originally posted by @Lex D'Amico:I just did two deals with them and it was a complete nightmare.

It certainly will have all necessary features you need.

Most US mortgages are based on 30 years and without assurance on insurance, why would banks continue to make mortgages in higher risk areas if the potential is complete loss?

I recommend making the wiring replacement a contingency - and for it to be completed prior to closing.

And DIY repairs are not recommended for other reasons: it will take you much longer to complete, depriving you of rental income, and you run a high risk of your wife becoming your ex-wife.Same risk exists if you push your wife into becoming a Realtor or some other real estate activity just for the sake of tax benefits.