We also chose the wrong property management company who promised they could turn SECT 8 units easily.

Yeah, each time we discover either a roof issue or a foundation issue.

A Little About My Situation:I currently work in EMS in California and will be super commuting, working 10-day stretches in California while spending the rest of my time in Missouri.

I'm actually a District Manager with Build 2 Rent here in Florida and we have off-market multifamily properties (both occupied and vacant) that you can purchase with a primary residence loan and interest rates in the low 4's.

@Abraham BerkowitzI suggest you focus on making money on this deal and not on reducing future hypothetical taxes. 95% of first-time flippers lose money on their first deal once everything is accounted for.

That should take the most time - determining a realistic ARV and market rent should be the work of just a day or two.If the numbers all work and you've satisfied yourself with the neighborhood, it's time to put one foot in front of the other by making an offer.

@Lucas Gomez investors in California and Washington face the same question.You'd need to analyze the trends and get comfortable with the risks, but it's done all the time.

I do know that if they occupied the property, they have some time to reclaim the property but would have to pay interest on the amount that you put into it.

If you can get insurance coverage and the local building department isn't giving you a hard time at all, then I'd say you're good to keep on moving forward with the deal. 

While a deposit is almost always preferable, you should make a common sense business decision based on the circumstances and condition of the property, in my opinion.